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When considering investing in commercial real estate here's what you need to know from the commercial real estate experts at Fielding Investments.
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5 Essential Commercial Real Estate Tips
From Brian Fielding of Fielding Investments and Fielding Companies
1. Maintenance Costs
1. Maintenance Costs
• When renting out a property, you must include the maintenance costs in order to figure out your finances.
• You should have a “rainy day” fund for maintenance expenses.
• Things happen: air conditioners break, storms happen and cause damage, etc. Be prepared!
• Setting aside a monthly amount into a designated place will help you to always be prepared for anything!
2. Taxes, Taxes, Taxes
• You need to always be aware of the cost of takes in your area.
• If your area’s tax rates are too high, you might end up with a negative cash flow.
• Make sure that you consult with a professional in order to establish whether you need to invest at home or somewhere nearby with a lower tax rate.
3. Advertisements
3. Advertisements
• Having a sale on your goods or want to have a sale to get rid of some old stuff?
• Some property managers won’t let you post signs, so be aware shares Brian Fielding.
• Always ask if there is an option to have a building-side advertisement to get more exposure for your business!
4. Build Strong and Lasting Relationships
• More than likely, you’ll need a partner to go in on a commercial real estate investment.
• Build relationships with the influential people in your community…you never know when it might benefit you!
5. Seek Out Help if You Need it
• At the end of the day, your best option might be to ask a professional to help guide you through the process.
• For more information, visit http://fieldinginvestments.net.