Questions to ask yourself:

  • What kind of property are you looking for?
  • Are you looking to use the building for your own business, rent it out, build equity, and/or something else entirely?
  • What kind of location do you need?
  • Do you need to buy or could you lease the property?
  • What's your situation regarding cash, financing, and/or ability to make a down payment?
  • Would you be willing to partner with someone else on the property?
  • Would you be willing to partner with someone else on the property?
  • What's your risk tolerance?
  • How much time can you commit to the property?
  • How much work are you willing to put into the property?
  • What skills/knowledge are you bringing to the table?
  • What skills/knowledge will you need to hire experts for or contract out?
  • What kind of property manager might you need (or not)?
  • Are you willing to do the duties of being a landlord?
  • Finally, are you ready/willing to make a investment/purchase of this size?

Here are a the questions to consider for each property you're interested in:

  • What is the property currently used for?
  • What can/can't it be used for?
  • What kind of rent/income does the property currently generate per year?
  • What kinds of taxes are there on the property?
  • What things will need to be replaced or repaired soon?
  • Why is the owner selling?
  • How is the area around the property doing? Any major upcoming changes?

To help you with answering the above and more, contact an expert.

Buying commercial real estate is often a complex process. You'll likely need to hire experts to help with some of the steps. Which and how many experts depends largely on the type of property you're purchasing.

At the very least, you'll need to hire an accountant, commercial real estate lawyer, commercial realtor, and a mortgage broker.

If the property is more complicated, you could need other specialists like tax experts, accountants, lawyers, notaries, appraisers, engineers, and/or environmental specialists.

There are some things you can do on your own (through research) but there's many that are better to hire an expert for.