So, you’re ready to take the leap and buy a commercial property! How does one go about making the transaction?
There are many intricacies to buying a commercial property, but the overall milestones are listed below. Use these to become the owner of the property of your dreams!
- Get educated. Read a lot and consult with advisors to make sure commercial properties are right for you, and so you know the appropriate terminologies and policies. Decide what type of property is right for you (e.g. commercial, industrial, etc.)
- Find your people. You will need an excellent commercial real estate attorney, broker that specializes in your selected property type, contractor that knows properties inside and out, and property management company. You’ll also need to start getting to know and building relationships with lenders.
- Start making offers. Once you’ve educated yourself and know you have a team in place that can advise you, start keeping an eye out for places that meet your criteria. You’ll probably have to make a few offers and ask some questions before anything comes through. That’s okay! It’s actually valuable practice and a great learning opportunity.
- Work out all of the terms with your team. Once you’ve found the property you want and had an offer accepted, you’re on your way! Make sure you consult the folks on your team to make sure you’re getting exactly what you’re looking for.