When you have your business idea ready and your investors squared away, one of the more difficult next steps is finding the best commercial property to bring it all to life. This is where we step in. At LC Real Estate Group, we specialize in working with you and your unique business idea to find the best commercial property to ensure your long-term success.
As you may or may not know, Northern Colorado is one of the more competitive and expensive regions in the United States for aspiring entrepreneurs wanting to start or expand their own commercial business. One of the specific Northern Colorado communities that LC Real Estate Group has intimate knowledge on is the town of Loveland. To find the best commercial property listings in Loveland, Colorado, the experts at LC Real Estate Group have put together some helpful advice and tips.
First, you should know that commercial property in Loveland, Colorado is valued differently than residential property. It is valued according to its usable square footage. Also, loans on commercial properties are also different from loans on residential properties as lenders usually want close to 30% down on commercial real estate.
Here are some tips from the experts at LC Real Estate Group when looking for the best commercial properties to invest in:
1.Get familiar with commercial property investment terminology. The following terms will be used a lot in the listings you look at:
2. Look for properties that have more than one tenant. This will diversify your risk to make sure you don’t lose money on your monthly mortgage payment.
3. Go evaluate the neighborhood that the commercial property is located in for yourself.
4. Go to the tax assessor’s office and view the tax assessor’s records for the past 5 years on a potential commercial property. Doing so can give you some invaluable information regarding the commercial property’s value over time.
5. Ask to see the property seller’s cash flow statements for the past 5 years. Doing this will definitely give you an idea of the commercial property’s value and potential profitability in the future.
6. Research the surrounding area. How are the other commercial properties around the one you are interested in performing over the past 5 years? This will also help you evaluate whether a potential commercial property is going to bring you profit or loss.
7. And above all else, if you find a property that you think is particularly appealing, get an expert involved. Of course, the people at LC Real Estate Group would be thrilled to assist you in your commercial property hunt, and in helping you find a perfect match for your business, but even if you don’t give us a call, it is definitely in your best interest to have a professional evaluate the commercial property you are thinking of investing in.