Commercial real estate investing can be very rewarding for those who take the time and effort to approach it wisely, but it can be a trap for those who rush in without doing their homework properly.
Too often, investors rush into buying a property for all the wrong reasons “it’s a good deal,” a “bargain opportunity” and the list goes on. Then they wonder what happened when the investment either goes pear shaped or becomes a full time job.
If you are serious about building significant wealth from commercial property investment, you must have a proper investment strategy. This is a get rich slow business that requires patience, planning and persistence.
The key elements to any property investment strategy are:
* Get your personal financial affairs in order and make sure they are geared towards building wealth, not paying off consumer debt. Also, check your credit rating to make sure it is in order.
* Draw up a list of your criteria for property type, size and location. Be aware that each type of property requires a different set of skills to manage and offers varying rates of return. It is much easier to fit the...
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