20 April 2012
Posted by Dennis under: Key West Commercial Real Estate .
Be calm and patient when looking at commercial real estate. Never rush into an investment. The property you buy in a hurry might not deliver what you need to reach your goals, leaving you to regret the purchase afterward. It could take up to a year for the right investment to materialize in your market.
Put your energy toward one investment at a time. Focus on a single type, should it be apartments, offices, retail, land, etc. Each of these investments will need to be closely monitored and given your full attention. It is better to become master of one type of investment rather than just being mediocre at many types of investments.
You may need to make some changes to the commercial space you just rented before moving in. It may be cosmetic changes like rearranging the furniture or painting the wall. The change could be significant like moving an entire wall to work with a new floor plan. Get an agreement ahead of time about who will be financially responsible for these improvements, or at least try to have the landlord responsible for part of the cost.
Find a lender before you make an offer on a commercial property. Local investors and small business owners are often willing to point you in the right direction for reputable lenders. Research prospective lenders before purchasing property, and find one that you can work well with. Your real estate agent should be able to provide you with a checklist of things you should do before getting a commercial loan approved.
Commercial properties can be difficult to find, regardless of how experienced you are. This article can help make your search for commercial property less stressful.
For more information about Key West Commercial Real Estate contact Gary Smith at http://www.keywestlifestyle.com
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