- Understand the different types of commercial real estate: Retail, residential, hotels, office, industrial, land, etc.
- Deciding to buy versus lease: Be aware of your risks, understand your options and do your homework
- Assemble a team of experts
- Accountant: To help you understand what you can afford and analyze the tax and operating budget benefits
- Lawyer: To help you complete the transaction and to negotiate with the seller and lender on your behalf
- Commercial Broker: To help you identify qualified properties, assist in negotiations and find the best valued properties
- Mortgage Broker: To help you sort through the financing options
- Locate the right property: There are a number of factors to consider when purchasing: Location, physical condition, allowable uses, limitations, accessibility, parking, expansion and leasing opportunity
- Due diligence and property evaluation: Revisit you objectives, verify property condition, understand your liabilities and soundness of purchase decision
- Map-out a plan: Create a strategic plan for your property to reduce your risk of loss once acquired. Time is money, so now is not the time to procrastinate