Owning commercial rental property can be a great investment if you are clear about your goals and shop smart. There are a few things you need to know in order to get involved in commercial rental property. If you hire the right real estate agent to assist you, the investment could be a great one in your future. Use these steps to learn buy commercial rental property.
Instructions
1. Write down what you are looking for in a piece of commercial rental property. Consider the size of the building, whether you want one that already has tenants and whether you want office space or customer-oriented businesses, such as cafe's or bookstores. These are all important aspects of the decision you need to address with yourself before talking to a real estate agent.
2. Talk with a mortgage lender. If you are in need of a loan for your purchase, find a mortgage lender you trust that handles loans for commercial property. It is wise to have pre-approval with the mortgage lender before getting a real estate agent. Doing so already allows you to know the price range you can consider and help you identify the properties you qualify for.
3. Find a real estate agent that specializes in commercial property. Tell her what you are looking for specifically and be available for questions and viewings of potential properties. Also, take the time to talk with them and understand the differences in the process of buying commercial property as opposed to residential property.
4. Complete the purchase process and set up your commercial property the way you desire. If you buy property with tenants, this will be an easy process. If you have other obligations, hiring a property management firm may be the way to go to get tenants in place and enforce the tenant regulations you put in place.
Tags: commercial property, estate agent, real estate, real estate agent, rental property, commercial rental property