Authentic voices. Remarkable stories. AOL On Originals showcase the passions that make the world a more interesting place.
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Learn how to purchase and secure commercial real estate property.
Tags:commercial real estate,housing market,investing in a home,new home,real estate investment,realestate
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Hi my name is Anne and I am here to talk to you about buying commercial real estate. The first thing that you need to do is find a good licensed real estate broker; talk to your accountant and your lawyer; and make sure that your financing is absolutely in order. You must learn what the market is. You need to know what you can expect in terms of rents. You also need to know the scope of, is this going to be a commercial property that you are going to use for your own use or is it going to be rented out?
Find out what the leases are in the buildings, the duration and the amount of money, because you are going to need to put that in perspective. You are going to have to, also, talk with hopefully with other tenants in other buildings and landlords to learn square footage.
There is a whole vocabulary that you have to learn in terms of buying commercial real estate. If you are going to manage this yourself, are you comfortable with being a landlord or do you want to hire a management company to this for you? Remember that it is risky to buy without understanding the industry. This is what you are going to hear from all real estate professionals about commercial real estate.
So, learn, ask, explore as much as you can; again, to put it into perspective and you can put yourself in a good position.