Buying commercial properties can be a dichotomy. You can make tons of money, but you can also suffer financial ruin. You not only need to choose your properties wisely, but also your funding sources. This article is packed full of tips that will help you to navigate the commercial real estate market.
At any given time, you should place your focus on only one investment. For example, you may choose to work mostly with apartment complexes, strip malls, undeveloped land or restaurants. It is best to be able give each investment your undivided attention to ensure the best possible results. Becoming a guru in one investment category is preferable to minimal success spread across multiple investments.
If you are investigating multiple properties, make sure that you take a site checklist with you. Collect responses from everyone that offers one, but inform the property owners before you do anything else. You may want to offhandedly let the owners know that theirs is only one of a few properties in which you are currently interested. Letting this fact slip may even result in your getting a more lucrative deal.
Make sure you factor in any problems regarding the environment. It's a good idea to thoroughly research the property and make sure it is free from hazardous waste material before purchasing it. Once you own the property, any problems, hazardous waste related or otherwise, are yours to deal with.
If you plan to rent out a commercial property, you should do all you can to make sure they stay occupied. Remember that if you have empty units, you have to take care of them. Maintenance costs on empty units can add up. If you have more than one property without someone in it, think about why that is, and fix any problems that might be occurring.
As you now know, investing in commercial real estate may not translate to easy money. It takes money to make money in this industry, not to mention a fair time and work investment too. There's no guarantee of success, either; you can do everything correctly and still lose money.
The Michigan Real Estate Investors Roundtable meets the 3rd Thursday of each month to give property investors, realtors and companies who provide real estate services the opportunity to network and learn from each other. The club is free to join, open to the public, and there are no pre-registration requirements. Simply show up at a meeting and enjoy the latest information from successful real estate entrepreneurs who are happy to share all their secrets to success.
Contact:
Mark Maupin
17177 Laurel Park Drive, N. Ste 142
Livonia, MI 48152
248-939-6232
Maupin.mark@gmail.com
Other Resources:
Oakland property investors
Macomb Property investors
Detroit Real Estate Investing
Michigan real estate for Dummies
Wanted Michigan Investors
Oakland Investors Association
United States Real Estate
Property for Dummies
Landlord Association
Michigan Landlords
Short Sates in Michigan
Michigan Lease
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