analysis. Knowing your market is one of the first steps you need to take to lead you to successful negotiations.
CONSULT AN ACCOUNTANT IF YOU HAVEN'T ALREAD VEN'T ALREADY
One of the biggest issues you will run into is affordability. If you haven’t done this already, your broker may refer you to a partner of theirs. Taxes are usually complicated in real estate. That is why you should probably get a professional to help. Your broker will also help you with that. You need to make sure your budget will include every fee. There are fees that could be considered “hidden.” Your broker and an accountant can help you with this. You need to separate aspects that are personal purchases from business purchases. That will help you plan your budget. This step will go a long way to determining what is affordable and what is not. Don’t do it on your own or without the help of someone in the industry. Then look into the type of financing you can get. Before you send out the letter of intent you need to have financing. Otherwise, the prospective deal will be delayed or end before it starts. Once terms are agreed on, you need to finalize your financing very quickly. This is why you need to make sure you can get approved before getting serious with an owner. A delay in financing will often ruin the deal and the owner will find another buyer.
PLANNING YOUR LAYOUT
This was a big part of the last chapter, but doing this at a preliminary stage is important as well. Doing this with your
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