Tips For Purchasing Commercial Real Estate

When you are looking to purchase some commercial real estate, there are tips available to help you get the best deal.

Commercial real estate is any real estate that is more than the standard single family home. Usually this means an office building, a rental property with two or more facilities, a retail business, a gas station, a restaurant or any other property that is used for income.

1. When you are looking to purchase commercial real estate, you need to know what you are looking for. It is your money you are investing and therefore you want to make sure that your money is getting used in the ways you want it to be. If you do not want to take the time to manage a 10-unit commercial apartments building, then you want to look for something a little smaller like a 4-plex. If you do not like to do repairs and renovation, you will need a location that is already fixed up. However if you like to paint and have little projects, a fixer upper is a good idea for you. Know what you want to purchase before you go looking.

2. Financing is a main requirement for the purchase of commercial real estate. Take the steps of getting pre-qualified for your loan before you look around for the right property. This way you will look for the commercial property that you can afford.

3. Now finding your commercial real estate is the next tip. There are many sites on the Internet that you can use to locate the most up to date commercial real estate for sale in the area you want. Here are a few sites that you can search through.

• http://pages.ebay.com/realestate/

• http://www.lease2purchase.com/links_list.php?id=5

• http://www.business.com/directory/real_estate_and_construction/finance_and_investments/ commercial_real_estate_financing/

• http://www.vandema.com/Sponsors.htm

• http://www.costar.com/Products/CommercialMLS/?src=ppcg
• When you are looking for commercial real estate property, you can also look in the newspaper from your area, this can be done on the Internet by simply going to the web site of the newspaper and going to the real estate section.

• There are also listings for commercial property at the M.L.S. web site. http://www.mlsaccess.org/. The options you can see are for purchasers, and you would likely need to contact a broker to look at the property. However this is not a bad idea.

4. The documentation involved along with the legalities is sufficient reason to negotiate your purchases through a real estate seller agent or broker. The fee you would pay is usually a fair fee, for the trouble it will save you.

5. Know the specifics. This will empower you to be able to complete your commercial real estate purchase with confidence.

a. Make sure there is a clear title to the property

b. Get title insurance

c. Negotiate the price

d. Are there any covenants, codes or restrictions that you need to be aware of.

e. What type of deed will you receive for the property

Purchasing commercial real estate is a great investment that could create a long-term income. When you purchase the commercial real estate, you open the door to many options for business. Purchasing the commercial real estate will also give you equity, and therefore will increase your overall net value.

Knowing is everything. Take the time to do your homework, research your options, the seller and the property itself and empower yourself to make an educated decision. After all, it is your money.

Whether you want to create an income through a rental property or just build equity with a commercial property, the investment if done right is a great idea and can be a great deal.

Chuck Lunsford is the content manager for Tina Abraham, one of the best realtors in Wilmington, NC specializing in selling homes in Wilmington, Greater Wilmington, Pender County and Brunswick County, some of the highest demand homes in the world. Visit us for Wilmington, NC homes for sale or call (910) 790-7484 for more information on how Tina can help you sell your house or buy the home of your dreams.