If you’ve been thinking about getting into real estate and you can’t decide between residential or commercial, there are several benefits that come from going with commercial real estate. For one thing, if you invest in the right kind of properties, you stand to make a pretty impressive profit. Another advantage is if you happen to find some dependable investors, your financial investment will be significantly lower than if you were to invest on your own. Another benefit is that commercial real estate is an industry that affords you the opportunity to work full or part-time; it’s totally up to you.
So if going into the commercial real estate field is sounding more and more like something that you would be interested in doing and you’d like some tips on how you can make some good money doing it, here are five ways to achieve that goal.
Work with a commercial property specialist. A mistake that a lot of people make when they’re just starting out in real estate is not getting the assistance of people who are qualified in knowing what would truly be the best investments for them. When it comes to commercial real estate, one of these individuals is a commercial property specialist. They’re skilled in how to properly analyze the kind of real restate that’s best suited for your needs. When it comes to working with a commercial property specialist, make sure that they are Certified Commercial Investment Member beforehand. You can find one in your area by going to CCIM, clicking on the “networking” tab, and then looking under the “find a professional” option.
Check your broker’s credentials. Someone else you will need to assist you with your investments is a real estate broker. They specialize in finding the right sellers for those looking to invest and buyers who are looking to sell their properties. Although there are a lot of people who may claim to be brokers, make sure that you don’t do business with anyone unless they are a member of the National Association of Realtors and they offer you a disclosure agreement that specifically says they are representing you – not you and the other interested party (the seller).
Consider hotels and motels. Although commercial real estate includes everything from office buildings to warehouses and restaurants, as you’re looking for what will be a great fit, don’t overlook hotels and motels. If you purchase one that is in a city that has a lot of tourism, it’s one of the best ways to make an impressive profit.
Buy some properties that are being auctioned. If you were to consult with someone who works at a commercial real estate company like Loeb Properties about how you can get into commercial real estate investing, one of the things that they might tell you is to research the commercial properties in your area that are being auctioned. The prices are usually very low, which means you don’t have to spend a lot to make a significant amount of money.
Manage the properties yourself. Once you own a piece of commercial property, it’s going to need to be managed. There are property managers that you can hire to do the job for you; however if you want to keep a few extra dollars in your pocket, you can also manage the property yourself. For information on the property management requirements where you live, visit All Property Management.