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.
- 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.
- 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.
- 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.