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| Member since: 03 Aug, 2018 |
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| Website: https://medium.com/@mandyli... |
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About me:
How to Invest in Commercial Real Estate
Investing in commercial real estate is something
that many people want to do. This is because a
good commercial real estate investment can help to
increase wealth through passive income generation.
However, despite the fact that commercial real
estate investing can help to generate wealth, it
can be somewhat tricky to break into if you have
never done it before. Here is a closer look at how
to handle the financial and other aspects of
getting started in real estate investing.
Here is how to get started in commercial real
estate investing
1. Get preapproved for a mortgage
Unless you are already wealthy, you are going to
need to finance your real estate investments. To
do this, you will have to go to a bank or to
another lender and apply for pre-approval for a
mortgage. You will have a much better chance of
getting pre-approved for a mortgage loan if you
already have a good income, and if you have good
credit. Speaking on this, industry expert, Michael
Saperstein, of Ramer & Saperstein Real Estate
Investments says “Some of the most important
relationships in this industry are those with
banks and other financial institutions who lend on
commercial properties.â€
2. Scout your property
After you get preapproved for your mortgage loan,
the next thing to do is to find a property that is
within the budget of your loan. It is important to
try to find the best possible property for your
price point. You should strongly consider things
such as location, structure age, condition,
whether or not it will needs repairs, etc. All of
these things can impact the overall ROI that you
are able to generate on your rental property.
3. Purchase your desired property
Once you know which property you want to buy, you
will have to bid on the property and win the
auction. After you do this, the property will
belong to you, and you will be ready for the next
phase of your real estate investing journey.
4. Purchase adequate insurance
Owning a rental property can help you to make
steady and significant returns. However, if the
property is destroyed in a fire, a flood, etc.,
then you could lose your entire investment if you
do not have adequate insurance coverage. You
should consult reputable insurance brokers for
advice on ideal policies for your property.
5. Rent out your property
You can do this by placing ads directly on your
property, by placing ads in newspapers, on social
media, and in many other places. You can also hire
a real estate to find prospective renters for you
and to show your property to them. However, if you
hire a real estate agent, you will have to pay him
or her a commission. But this commission is often
well worth it. “Real estate brokers and
agents are the lifeline of the business,â€
says prominent real estate investor, Mark Ramer,
of Ramer & Saperstein Real Estate
Investments.
Conclusion
If you are interested in getting involved in real
estate investing, then you can do so by following
these five steps. Real estate investing can be
very lucrative, and that is why people such as
Donald Trump and Robert Kiyosaki have become very
wealthy doing it. Before he was president, Trump
was a renowned New York City real estate investor.
Trump, along with many other NYC real estate
investors such as Michael Saperstein and Mark
Ramer, have done very well in the city. Who knows,
if you plan your real estate investments
carefully, you too could achieve success.
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