Expanding Your Commercial Real Estate Portfolio
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Commercial real estate is huge when it comes to building your wealth.
Yes, there are so many ways to invest but purchasing commercial real estate is one of the best and safest ways to build up revenue.
Building your portfolio is a whole different story though. You really need to check and see what property types will fit best for your life.
Some questions to think about when building your portfolio…
-What type of properties do I want to add?
-What asset type am I trying to focus on and invest in?
-Am I able to scale and benefit from the synergy my properties create from each other?
-What are my long-term goals and risks in the property?
-What kind of investor do I want to be?
Those questions are just a few of many to scratch the surface of what to think about when adding to your portfolio.
Wanting to get started but don’t know where too? Hiring a broker or a commercial agent in your area is the best option when building your portfolio.
They will be able to give you all the knowledge when it comes to understanding what the right property types are, what you will need when purchasing, the buying process, help you search for your next property, look at liabilities, funding options and so much more.
Once you have started to expand your portfolio that’s not the end of your journey.
Keeping the properties filled, maintained, and managed is something you need to also think about.
Making sure the spaces you rent are filled means lots of marketing. If a rental property sits empty, that costs you money. It would be considered a bad investment if you aren’t capable of filling the property quickly. It won’t be easy but an easy way to start is online. Through social media platforms and places like craigslist market to people who are always looking for new space.
After your property has been filled don’t forget to upkeep the look of your building and manage the income that is being made.
If you want your tenants to stay your building needs to continue with upkeep. They have clients that come in and out of that property everyday and if it’s not kept up they are more likely not to return.
And when it comes to rent being due… are you the one who will be collecting or will you hire out someone or a company to collect.
Expanding is great but there is so much to think about. Wanting to know more? Connect with your local commercial broker.
What Does a Commercial Realtor Do?
