Top Tips for Commercial Real Estate Investors
Have you been considering making an investment in commercial real estate? Owning commercial real estate can not only deliver returns in the form of equity but also can create a stream of passive income for as long as you own the property if you rent it. However, if you think “investing” in commercial real estate means putting a down payment on a property and sitting back to watch the cheques roll in, you’re in for a surprise.
Investing in commercial real estate can be rewarding—both financially and emotionally—but successful investments require a lot of work. The income may be passive but the work to achieve it certainly is not!
How can novice investors set themselves up for success? There’s no magic bullet for successful commercial real estate investing but relying on the advice of someone with experience can help first-timers avoid a lot of unnecessary mistakes.
The Ultimate Beginner’s Guide to Investing in Real Estate
Our friends at Canadian Real Estate Wealth recently published The Ultimate Beginner’s Guide to Investing in Real Estate which is a fabulously comprehensive resource on everything you need to know before setting out on your investment journey.
One of the great pieces of advice for beginners in this resource is a 9-step list of how to start investing in real estate. We’re going to list the items here but if you’re interested and would like further detail on any of these items, please read the report in its entirety.
9 Steps of Real Estate Investing
Determine your goals.
Speak with a seasoned investor.
Become familiar with the market.
Get to know your target audience (i.e. tenants).
Find the right locations.
Find the right property.
Sort out your finances.
Work with a professional.
Commercial vs. residential real estate—know the difference.
We Wrote the Book on Real Estate Investing
At MCRE, we would advise our clients to do something we wouldn’t do ourselves, which is why we’re avid commercial real estate investors. One of our most experienced agents, Steve DeVoe, published his experiences in See All and Know All Before You Buy, an incredible guide to the often complex world of commercial investing complete with real-life examples and custom worksheets.
Taking the First Step
If you’re ready to start your commercial real estate investment journey reach out to the friendly, experienced agents at MCRE and get started on the right track! Having an experienced commercial real estate investor on your side from the very beginning will not only save you time and effort, but also can save you a lot of money by doing things right the first time.
Happy investing!