Brian Fielding Shares Must Know Information for Investing in Commercial Properties

Brian Fielding Shares Must Know Information for Investing in Commercial Properties

Many investors are starting to think about the many benefits of purchasing a piece of commercial real estate. Brian Fielding, a leading expert in the world of commercial real estate believes that these individuals will find that their career in this industry can be very successful if they are prepared to make intelligent decisions. Mr. Fielding is happy to share his knowledge with potential commercial real estate investors. Here, he provides some key tips to keep in mind when looking at commercial properties.

  1. Utilize the help of professionals: Being able to facilitate a good commercial real estate purchase cannot be done alone. Not only should investors depend on the expert knowledge of industry leaders like Brian Fielding, they should also seek the help of other individuals such as accountants and real estate lawyers to help them make the right choices about their purchases. One of the most important experts that you must have on your side is a building inspector to help you find any problems with the property that may prove to be setbacks to your plans in the future.
  2. Do research: Brian Fielding shares that it is so important to have experts on board to help you research the property because you must know everything about the property before you buy it. Knowing what is wrong with a property will allow you to negotiate a fair price that will leave you plenty of room to pay for repairs and still make a profit. You should never invest in a property without knowing all of its secrets.
  3. Know that liabilities can transfer: One of the reasons that you need have a property inspected and researched before buying it is that liabilities transfer from owner to owner. If the previous owner did something to the property that caused a hazard, and you purchase the property, you could be liable for any new issues that result from the existing hazard. Mr. Fielding says that if you know about these liabilities in advance so you can avoid a property if necessary, or at least take the steps to deal with the problem yourself after purchase.
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Brian Fielding Provides Advice for Commercial Real Estate Investment this Fall

Stack of old Business Newspapers

Brian Fielding believes Newspapers to be a good source of past market trends for real estate properties

Brian Fielding of Fielding Investments shares that without years of experience in the industry, investing in commercial real estate can seem like an intimidating form of investment. However, with some tips and advice from 40-year veteran Brian Fielding, both new and experienced investors will have a lot more tools and knowledge that they can draw from in order to have a more successful investment.

The past repeats itself.

One of the best pieces of advice that commercial real estate advisor Brian Fielding can offer is to look to the past for advice on how to conduct yourself today. By connecting with individuals who have already been through the rigors of purchasing, managing and selling commercial real estate property, you can gain a decided advantage over individuals who try to do it all themselves with no help at all. Brian Fielding shares that mentors can assist investors in catching mistakes that they may have otherwise made, informing investors of how to overcome challenges that they might face over the course of their investment and other valuable tidbits of information.

Protect yourself should things go awry.

While it is never what anyone wants to think about when they make in investment, commercial real estate investments do have the potential to go astray. What once seemed like a great idea can become a nightmare. Brian Fielding shares that this usually happens when an investor is careless about doing their due diligence, doing their calculations, or not having enough money set aside for expenses. Whatever the reason may be, Brian Fielding suggests that investors always have an exit strategy as well as protections put in place for themselves and their personal finances. Individuals such as attorneys, insurance brokers and more should all be consulted with before purchasing commercial real estate.

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Hiring an Attorney in Person or on the Internet? Pros and Cons Shared by Fielding Investments

Dear Fielding Investment Team,

We just purchased our first commercial investment property with two retail stores! One of the units is already occupied and the tenant has expressed an interest in renewing. The other store is in pretty rough shape and since we all have some handyman skills, we put up new sheetrock, installed an ADA compliant bathroom and are planning to install a new dropped ceiling and lights once we have the specifications from our intended tenant.

Our question is do we have to hire an attorney to draw up a commercial lease or are there good ones available on the Net? We want to be protected, but we don’t want to incur unnecessary expenses, especially after spending so much time and money on the renovation.

Thanks,

Courtney W., Winston-Salem, NC

 

Courtney,

Sounds like congratulations is in order for you and your investment group. You will always remember your first acquisition, first new tenant, etc., and we hope those memories are good ones.

The simple answer to your inquiry is that there are numerous quality lease forms available online. We use those that we have developed over the years, and thus have limited familiarity with the many that are available online, but clearly it makes economic sense for you to consider using one of those forms to learn about the various provisions that need to be part of your final form lease. We suggest that you read a few of those that appear most comprehensive and then make your own list of the items that each paragraph addresses. You will likely be surprised to see to so many legal points that need to be addressed. Indeed, at first it may seem overwhelming, but within short order you will come to appreciate that the lease provides you with protection from a number of pitfalls, running the gamut from things that you might readily expect such as environmental matters, personal guarantees, insurance indemnification, remedies, renewal options, etc., to limitations that you may wish to impose on what the tenant is permitted to do on your property [by way of example, you might wish to protect your other tenants from this operator’s direct competition with them].

Once you have the checklist of the items you feel need to be in your form lease, we recommend that you retain an attorney to insure that your list is complete and to make provision for laws that may be pertinent only in your community, county and state. At that stage you can fill in the form lease that you feel best incorporates your intent and then present it to you attorney for final revision. This methodology will not only save you money on the drafting of your partnership’s form lease, but will also better familiarize you and your partners with all of the issues that need to be set [and at times negotiated] in your leases. [We recommend that you also establish a form LOI – letter of intent – that contains the specific elements of the proposed deal. The greater the detail, the less the chances for arguments and broken deals.]

Do not be shocked to find your prospective tenant’s attorney finds language in the lease your present that he wishes to change … after all even if the lease were perfect, lawyers are paid to find nuances and opportunities that limit their client’s exposure and expense. So long as you have covered all relevant matters and understand all of the issues that are being protected under the lease you will likely find that the other side’s “redline” changes will not alter the intent and safeguards built into a good lease document.

Over time you will become sufficiently knowledgeable that you will be able to spare your partnership the expense of your lawyer’s review … however we recommend you get a “check-up” of your form lease every year or two … just in case there are changes in the law or in “case law” that might need to be included.

Good luck Courtney … it’s wonderful to hear about that first project.

Sincerely,

The Fielding Investments Team

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Information About Commercial Real Estate from Fielding Investments

When it comes to commercial real estate investment, Brian Fielding of Fielding Investments is a leading advisor with over 40 years of experience in the field. Detailed in this presentation are just some of the many reasons why commercial real estate is a great investment and some of the different opportunities that are available in today’s market.

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