You now have residential property investments experience under your belt. Now is the right time to move on to commercial real estate investing. You ask yourself, what are the keys to getting started in commercial real estate? Is this a complex transition from investing to residential property to commercial? If these are questions you have asked yourself recently, you are not alone. There are a lot of people out there who wants to make that big change at one point or another. Knowing the key elements may seem vague at the moment to get you started in commercial real estate investing. Escalated net worth and increased income are among that awaits you. Here's what you can do to make that first move. This will surely shorten your learning curve and avoid costly mistakes.
First is to educate yourself. This is the most important thing you must do as an investor. Invest on your mind by educating yourself. Learn the in's and out's of commercial real estate, ask plenty of questions, talk to an expert. Do your research. This is a must in order to ask the right questions and to have an intelligent conversation to those who will be part of your team in your quest to find investment properties. Some of the acronyms that you'll need to know are: NOI or net operating income, ROI or return on investment, GRM คอนโด ราคาถูก or gross rent multiplier, EGI or effective gross income, Cap rate or capitalization rate. Terms that you'll come across when speaking the language of commercial real estate. Gather all the facts that you can about commercial real estate investments. Learn how they work. Learn how value is being determined.
Next is to evaluate properties on a daily basis. Learning the standard and requirements for appraising will be your bible to do it right. Having this as a tool, determining your property's worth and what is your desired return will be easy for you. And you might be surprised after all cost have been factored. The more you practice the better you'll be prepared when it's time to purchase your first commercial property.
And last, is to find an agent with a CCIM designation. This stands for Certified Commercial Investment Member. Agents with the CCIM designation have completed courses covering Financial Analysis, Market Analysis, User Decision Analysis and Investment Analysis. This is the most coveted type of designation in the commercial arena. Its members are recognized expert in the disciplines of commercial and investment real estate. It is like having a PhD in commercial real estate education. Only an elite number of more than 15,000 professionals holds the CCIM designation across North America and in more than 30 countries.
Start small, build a strong base, and grow. Build a sound foundation in your education in commercial real estate and you will be more than ready to invest with the guidance of a CCIM agent.
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