Ask Yourself Alot of Questions Upfront

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The first step in purchasing commercial real estate is knowing yourself, your situation, and what you're looking for.

Here's some questions to consider asking yourself to start out with:

 

  • What kind of property are you looking for?

  • Are you looking to use the building for your own business, rent it out, build equity, and/or something else entirely?

  • What kind of location do you need?

  • Do you need to buy or could you lease the property?

  • What's your situation regarding cash, financing, and/or ability to make a down payment?

  • Would you be willing to partner with someone else on the property?

  • Would you be willing to partner with someone else on the property?

  • What's your risk tolerance?

  • How much time can you commit to the property?

  • How much work are you willing to put into the property?

  • What skills/knowledge are you bringing to the table?

  • What skills/knowledge will you need to hire experts for or contract out?

  • What kind of property manager might you need (or not)?

  • Are you willing to do the duties of being a landlord?

  • Finally, are you ready/willing to make a investment/purchase of this size?

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