According to millionaires, real estate is still one of the best investments for building wealth. A long game, real estate is an investment that generally appreciates over time and is less likely to be affected by short-term market fluctuations.
Real estate investments can potentially help you build wealth, but for this to happen you need to make sure that you are strategic about how you invest, finance and ultimately sell the asset.
Therefore, if you are a novice at real estate investing, you may be wondering where to start and how you can ensure you are taking all the right steps.
Consider these real estate tips that will get you started on the right path.
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Get Informed
One of the first things to do before you get into commercial real estate is to research information about the niche you’re considering. You’ll want to make sure that you understand the risks and rewards offered by each.
You can do this by listening to podcasts, reading books, or even watching YouTube videos. You can also have conversations with other people who are invested in the particular commercial real estate type you’re considering.
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Select a Property Type
There are several different types of commercial properties to choose from. Popular investment options include office buildings, retail, hospitality, multi-family, storage and industrial real estate.
Each of these real estate investment property types require different levels of involvement and offer different returns.
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Consult Advisors
To succeed in commercial real estate, it is a good idea to consult an advisor. A good advisory firm will have licensed professionals who will help you identify the right available asset. They can also help you navigate contracts with tenants and connect you with lenders and equity providers. Debt is easy to come by, but access to a capital market partner can be a game changer.
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Get Legal Help
Identify the right licensed attorneys who specialize in the many legal matters that can be involved in purchasing a commercial property, including title search, lease abstracts, vendor service agreements and navigating easements, covenants and restrictions.
Real Estate Tips that Work
These real estate tips are an important starting place if you are considering investing in commercial properties. Making informed decisions and working with trusted advisors is the best way to ensure you select the right asset for your goals and realize a positive return on your investment.
Earning good returns on your first investment can create opportunities to add properties to your portfolio. The more you grow your portfolio, the more wealth you may build, so it is important to start with a solid foundation.
If you would like an advisor to assist you with a commercial real estate opportunity, contact us today.