These 10 rules might seem elementary at first glance, but you'd be surprised at how many of the 10 rules are REGULARLY broken by real estate investors every day. With the, so called, gurus around the country preaching “more”, “bigger” and “quicker”, new real estate investors have gotten themselves into trouble by not following sound business principles outlined in this tip.
Top 10 Rules to Buying a Great Commercial Deal
1. Find a property to which you can add or create value that solves a problem
2. Don't fall in love with the property
3. Research everything about the market and property
4. Crunch the numbers using a realistic financial model
5. Plan for unexpected happenings
6. Create a business plan with investment goals
7. Purchase with 20% or more equity to keep debt load down (Raise equity from investors)
8. Have more than adequate capital reserves
9. Have a good team in place
10. Be flexible to change
Commercial Mobile Apps For Investors
With commercial real estate professionals always on the go, the advancement in mobile apps has helped many professionals meet more people and close more deals. While new mobile apps have been slow to reach the commercial real estate industry, it has really taken off in the last year or so.
As Smart phones and computer tablets have grown in popularity, mobile apps have been a huge driving force for busy and active commercial real estate professionals. These mobile apps helped commercial real estate professionals in many areas of their business such as:
—->Contact Management —->Document Management
—->Financial —->Listing Search
—->Surveys —->Virtual Assistant
Recently, I came across a website, run by top commercial real estate professionals, that has reviews on the most popular commercial real estate mobile apps. The name of the site is CRE Apps. You can check out their website by going to cre-apps.com.
CRE Apps is a great place to learn about all the new CRE apps that are helping people like you and me to make their business easier and more convenient. Here's where you can find out the most popular CRE Apps: www.cre-apps.com/2012/04/most-used-cre-apps/.
Here's just a small sample of the types of mobile apps you can use in your commercial real estate investing business:
These real estate investing mobile apps are great in helping you find and close profitable commercial real estate deals. I've created a Top 10 list to use as a guide when researching properties on these mobile apps.
The Commercial End Game
Real estate investing is a long term game. Make good business decisions using these 10 rules as a guideline so that you can have long term success with your investment business. Focus on buying GREAT deals not big deals.With time, big deals will come.
Whether you are a real estate investor, broker, manager, lender, consultant or contractor, you should spend some time learning about new technology that can help grow your business, and, make life a little bit easier. I hope this tip serves you. I look forward to it helping you reach finding and buying great commercial deals.