Questions to Ask About Buying Commercial Real Estate
January 26, 2023
It's time to expand your investing portfolio and you have decided it was time to diversify into commercial real estate.
As an investor you know how important it is to make the right decision and all of the research you will have to do in order to find the perfect investment. Though there is a lot to know about commercial real estate, it doesn't have to be hard to find the information your looking for. Hiring a commercial realtor/broker will not only help make your life easier when finding the perfect investment property but they will be able to answer more of the unknown questions or be able to find them for you.
Some important questions that you should ask your agent:
- Why is the property being sold? It seems like such a simple question but the details in the answers are important to you as a buyer. Is this going to end up being a fixer upper? Are there already tenants in the property that are staying in the building or will you have to find new ones? This question will be able to help you go deeper into the building history.
- Who are the current tenants of this property? Knowing the current tenants will help you know the terms of their leases and if they are going to be renewing as well as the risk factors that will come with each tenant.
- What are the zoning ordinances in place? When you find the perfect property, it is best to know what the city or county set for zoning ordinances because if you go in buying thinking about what type of tenants you will be placing in this property and it doesn't match up with zoning you have a whole other work around to go through.
- What are the risks of commercial real estate investing? Your agent should be able to tell you all the risks that come with investing in commercial real estate. Each property is going to have different risk factors based on tenants, location, previous owner, property type, etc. Your agent will be able to help you find a property with minimum risk factors.
At the end of the day, investing in commercial real estate is one of the safest investment types and is an easy investment when you have a realtor/broker helping you find the perfect property for your portfolio.
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