What are the critical things you need to know for successfully buying commercial income property, investment property or real estate property?
You’d be surprised to discover that success lies in more than just knowing how the numbers work out.
Below are 10 things you need to know in order to successfully close the deal when buying commercial income property, investment property or real estate property.
- Hire a professional commercial broker skilled in the asset group that you have interest in.
- Set goals and discuss the reasons you are attempting to purchase the investment or income real estate.
- Talk about your risk reward tolerance level and if you would consider borrowing money to buy a higher price income property.
- What expectation you have for cash on cash return or interest returns on your investment equity.
- Length of time of your investment or income property and the main purpose of the investment.
- Ask about tax advantages and overall returns with tax implications Location of income property, type of building and type of tenants that you find most important to your future investments.
- Be prepared for weeks of due diligence in order to ELIMINATE the possible mistakes that could cause your investment property, income property or real estate to go bad.
- Steady cash flow, appreciation, tax deductions and long term strategy should be at the TOP of your list.
- Be reasonable in your expectations for returns and not expect to become a millionaire over night.
- Listen to PROS instead of thinking you know everything in a field you may not be the expert.
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