Investing in commercial real estate can be a very smart business decision. Rent payments can create a steady stream of passive income, which is often enough to live on by itself. It is not a risk-free proposition, however, and there are any number of problems that could occur throughout the time in which an investor owns a property. Here are the resources to turn to when help is needed for commercial real estate issues.
Bank
It is not uncommon for an investor to seek the aid of a bank in order to purchase commercial property. This is a common commercial real estate issue that requires a loan to solve. Prospective investors should be sure they have all the necessary materials and meet all requirements before applying for a loan, such as having a business plan, past financial statements, and more. Consider a business loan if needed as well.
Legal Professionals
Legal professionals are another invaluable resource for dealing with commercial real estate issues. There are even different specializations of law an investor may need aid with, leading them to have contact with several different attorneys. For example, there are attorneys specializing in landlord-tenant law, whose services will be needed for investors having a dispute with a tenant. Investors may also need a real estate lawyer to look over any contracts when buying or selling a property.
Contractors
Contractors are necessary professionals a commercial real estate investor will likely need to consult at some point. Buildings and mechanical systems need maintenance, updates, and repairs, all of which specialized contractors are qualified to do. This includes everyone from plumbers to HVAC specialists to general maintenance workers. Choose qualified contractors by asking for recommendations, keeping a copy of their insurance information on file, observing prior work, and paying attention to intuition.
Real Estate Agent
Owning the right properties for the purposes of achieving a specific goal is one of the most effective ways to run a successful commercial real estate business. When it comes to building a portfolio correctly, a real estate agent specializing in working with investors is a good bet. Adding one that has relevant experience and the right personality to an investor’s professional network can help them alleviate many potential problems with buying and selling properties.