Any investment can be bad if you don’t do your homework or aren’t thorough with the commercial real estate (CRE) investing process. Investing in CRE is a process and our team at HOWE Real Estate does the hard work for you, and we provide quality services, and a professional team. We are creative and hold ourselves to the highest standards.
Our team wanted to share some tips to be successful with commercial property investing:
- Be an investor not a commercial property accumulator. The purpose behind an investment is to produce an income or profit for yourself. So, if you buy a property that gives you neither income or profit, you aren’t really an investor, but rather, an property accumulator.
- All properties have a lifespan. The building you invest in isn’t invincible; it will need maintenance and work done on it over time. You will have to spend money to upkeep the building, keep it to code, and reflect the times. Repairs and maintenance and upgrades are inevitable, so you will want to factor this into your long-term CRE investing plan.
- Focus on one investment type. Whether you’re new to investing or not, don’t try to invest in all types of property. Focus on one type of property whether it’s retail spaces or office buildings. These investments/deals need your undivided attention and focus. By focusing on one type of property investment, you will become an expert in it.
- Think about environmental problems. As a commercial property owner, you have to fix hazardous problems if they occur, which can cost millions of dollars. To save money, obtain environmental reports from environmental assessment companies.
- Get a mentor. A mentor is a great person to learn from his/her successes and failures. A mentor can help guide you to better decisions and steer you away from mistakes. A mentor can help you make connections to help you with your investments and as an owner, as well.
- Figure out if you’re protected. You need to make sure you and your assets are protected from potential lawsuits. Talk to a lawyer to make sure you are properly protected if you ever get sued.
- Choose a non-recourse loan if you are in a partnership deal. This type of loan means you are not personally guaranteeing the loan, which means if the partnership ends you will be taken off the loan and nothing will be tied to you personally.
Commercial property investing can be overwhelming, and our team at HOWE Louisville works with real estate investors and owners every step of the way to get you the best CRE investment.
Our deep commercial real estate experience and market knowledge gives you a critical competitive advantage in the greater Louisville market.
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Louisville Commercial Property Investing
Whether you’re new to investing or a long-time investor, you can benefit from investing in a commercial space. When investing, it’s critical that you do your homework and work with a team like ours to ensure you are getting a good deal and return on investment (ROI).
We want to help you reach your financial goals with a CRE investment. Get started with us today!
Let our team of professionals at HOWE Louisville help you get started on looking for commercial property. We work with buyers, sellers, lessors and lessees across all property types in and around Louisville. To contact us, send us an email or call 502-890-4475.