So, you’re interested in redeveloping a commercial building? You want to buy a vacant property, rehab it, tenant it and then start collecting rent. That process is called “adding value” and it’s awesome. Congratulations! It’s one of the most fulfilling experiences in commercial real estate investing.
Or maybe you want to go all out and develop a project. You want to buy a piece of land and construct a new building for a prospective tenant. Again, congratulations. It’s going to be a challenging experience, but in the end, you’ll have done something only a few will ever accomplish.
Perhaps neither of those options is your path, and what you want to do is purchase a building with an existing tenant. That way you can start collecting rent immediately. Once more, hearty congratulations are due. Welcome to the club!
As you start your journey in commercial real estate and move through the process, you need to remember one thing. If you can understand this concept and accept it (you don’t have to like it), you’ll be one step closer to being a commercial real estate investor and/or developer: sometimes the only one who gets paid is the architect.Read More