I am in the process of trying to purchase my first commercial investment property. Now, for the record, thus far I have only owned single and multi-family residential properties. Wow! What a difference in the process, compared to buying a residential property! Even though I consider myself a very experienced landlord in residential real estate, the process of buying a commercial building has been baffeling, confusing, frustrating– and, nevertheless, interesting. The outcome of this process will probably determine if I ever do this again.
Hopefully, you find that the Landlord Business Insider gives you valuable information on “how to buy properties smarter and manage them better!” Keeping with that mission, I think that one of the “serial” features that I will post on this blog is a chronicle of my experience with this commercial project. Commercial property investing is not only different in many aspects from a residential investment property, it is also a more complex process that requires some different players and skills. However, there are also skills that are common to both residential and commercial property purchases and management that I will discuss.
Whether or not you decided to go the commercial route, you should hopefully find the experiences that I will relate in these forthcoming “Purchasing Your First Commercial Property” posts to be good lessons which can help you build a better overall landlording and rental property business (whatever type of property you decide to specialize in). Although the posts may not be consitent (due to the fact that I am writing them as the process moves forward), by the end of this series I will have taken you from A to Z of the processs– as it actually happened to a real person (me)– on a real property(commercial building) — in detail(humor and pain included).
As I post, please feel free to ask questions and post comments. The more interactive this blog becomes, the better a learning experience for all!
Best regards,
Steven A. Boorstein
Landlord & Author
www.LandlordBusinessInsider.com
www.ManageRentalProperty.com
www.HowToBuyRentalProperty.com