Buying commercial real estate in South Florida can potentially be lucrative, but if you’re new to this type of investment you’ll have several things to consider. Commercial real estate deals can be risky when they are not properly planned out, and it’s advisable to hire a South Florida commercial real estate lawyer prior to engaging in any negotiations or closing on your deal.
Before you start looking
Before you even start looking for a commercial real estate investment it’s a good idea to consider these factors:
- What type of property do you want? – Commercial properties come in many forms include retail properties, hotels, and office buildings. If you don’t have experience with buying a particular type of property, you’ll need advice on it.
- How much risk you can handle? – Don’t take on more risk than you’re comfortable with. Always stick with a level of risk that won’t cause you too much stress, but will provide a high enough ROI to be worth it.
- Protection of your own assets – You need to be sure take precautions to protect your personal assets with your investment such as setting up an LLC and any other necessary measures, with the assistance of a commercial real estate attorney in South Florida.
- Look for financing – You’ll need to know how much financing is available before you find a good property to invest in. Find partners to join with, ask for bank loans or take other steps to obtain financing well ahead of your purchase.
What you need to do during the purchasing process
After you’ve prepared yourself, it’s time to go out and look for the right commercial property for your needs. A commercial real estate agent or an experienced commercial real estate lawyer can help you narrow down the best available properties once you know what you want.
It’s always a good idea to perform extensive due diligence when you’ve found a property you may be interested in buying. Have a professional inspect it, determine why the property is being sold, and find out what kind of zoning rights the land has so you will know how it can and cannot be used.
Be sure to extensively consult with your team which should include least one accountant, your broker, a commercial real estate lawyer in Florida, and your investors.
Closing on the property
The most important thing to think about when you’re closing on your commercial real estate property deal is the contract. Even if you’ve read it and you believe you understand it fully, you need to have it looked over by a trustworthy lawyer for commercial real estate in South Florida. If you missed anything or if the contract isn’t formulated properly, your will catch these problems and fix them before they turn into major liabilities.
If you’re currently involved in a commercial real estate deal or are planning one for the future, contact Mark Schecter at Schecter Law today at (954)-779-7009 for a consultation or to ask any questions at all.