Starting a business
Commercial real estate, if you have the entrepreneurial spirit, you have come to the right spot. Here are the steps to your new space.
1
Lease or buying?
In commercial lending, you can either lease the space or buy it. Buying is going to be a lot more expensive then leasing. If you have cash, great, because in real estate cash is king. If not and you plan on securing a business loan through a lender, typically it will be minimum 20-30% down of the purchase price.
2
Touring places
Get together with your agent and tour spots that are available for sale, commercial agents will pay and have access to more search databases beyond the MLS for commercial spots available. Once you have found what your are looking for request access and a meet up time and check the place out!
3
Letter of intent, offer, and negotiations.
In commercial real estate, you will do a letter of intent to a seller, then followed by more negotiations and potential meetings. Eventually you an your agent will draft up an offer with contingencies such as financial records if its a operating business, or even zoning, to make sure you can run the business you hope to run before the deal officially closes.
4
Closing!
The great closing day, this is the day that everyone loves, title transfer is done, due diligence is complete, and you are now the new owner of your new commercial space, now the real fun/work begins! Best of luck!