4 Tips for Success with Commercial Real Estate Investing
Investing in commercial real estate in South Florida requires a keen eye to spot great deals as well as plenty of patience. A substantial amount of time must be spent upfront on research and pinpointing the right type of investment in the current market.
Getting the advice of local experts such as an experienced commercial broker and South Florida commercial real estate lawyer can help to ensure your next transaction is a success in both the short and long term. Here are a few tips to help you narrow down the selections and find an ideal investment.
Be patient with the process
Don’t rush into any deal without giving everything a very thorough look. Not only do commercial real estate investments cost significantly more than residential, there are also many more details to cover regarding purchase agreements, negotiations, zoning, due diligence and other points of concern.
You’ll want to take the time and effort to perform all the necessary research, and hiring a commercial real estate attorney in South Florida can help speed things up significantly.
Stick to the market sectors you know
With any commercial real estate investment, it’s generally better to stick to market sectors that you have experience in. For example, if you have worked in the hospitality industry, it’s much safer to purchase a hotel as you’ll have a better idea on what opportunities present the best potential. If you are starting off as a newer investor, be sure to get plenty of advice your deal before committing to anything.
Perform all due diligence steps
Many due diligence steps are necessary for a successful commercial real estate investment. An experienced South Florida commercial real estate attorney can assist you here, as your attorney will often manage a number of due diligence steps such as reviewing contracts, obtaining permits, title searches, zoning and planning concerns, environmental issues, reviewing rent rolls and many other steps that will vary significantly from one transaction to another.
Consider the long term
It’s always beneficial to try to predict what will happen in the long term in any South Florida market you are considering. Although no one can know the future, current trends regarding market growth, infrastructure development, population growth and other factors can be considered to help you make an even more informed decision on your potential investment.
For assistance, advice or questions regarding your next commercial real estate investment, contact Schecter Law at (954) 779-7009.