7 Steps to take before owning your own Commercial Real Estate.
Updated: Mar 16
According to Ray Martin of Ray Martin Real Estate, you should take these 7 steps before owning your own commercial estate.
1. Questions. Lots of Questions
Ray Martin says you've got to know yourself before you take any decision concerning purchasing any real estate.
What are you really looking for?
Our Commercial Real Estate experts at Martin Caselli Real Estate have put together several questions you should answer before you venture out;
· What will you use this property for?
· Are you financially capable enough to afford it?
· Would having a partner make things easier for you?
· How much time are you willing to commit to developing your real estate?
· What are the skills/ experiences you can bring to the table?
· Can you take on the responsibilities of a landowner?
2. You've Got to Be Familiar with the Terms
Ray Martin suggests that unless you are familiar with the topic of Real Estate in theory and practicality, there may be some costly, avoidable mistakes you might end up making. Always ensure to have a fundamental knowledge at the very least of the topic and remember with Martin Caselli at your six Ray Martin is always here to help.
3. Compare Several Commercial Properties
You need to have an idea of which properties among many are preferred and why. Some factors to consider include the location, price, permitted uses or condition? Each advantage should be considered before making a decision.
4. Know That You Will Need an Expert in Several Fields
If it’s important enough, then you need a commercial realtor, an estate lawyer, and several engineers, notaries, tax experts and accountants to avoid stories that touch. Never comprise the knowledge experts bring to the table.
5. Where Will the Money Come From?
You have to sort out financing before you start and there are several ways to finance real estate purchase, Ray Martin, suggests that you do your homework and keep interest rates in mind.
6. Make A Gesture by Making an Offer.
Yes!! When you find your property, take the plunge. Just ensure to have taken all the precautionary steps with Martin Caselli Real Estate and your lawyer by your side.
7. Due Diligence.
Questions never hurt anybody so, ask more and more questions.
Don't leave any ambiguity out. Get an escrow as a neutral overseer to the transaction. This will give you the protection you need.
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