Your team should include a broker, who will help you find the right match for your company. Then they should open you up to their team. Networking throughout your normal business duties can help here as well. You need a real estate lawyer, an inspector, possibly multiple construction companies, a lender, and maybe even a maintenance company. Using this network from your broker will not only save you time searching, you could also get special treatment because of the relationship between them and your broker. Getting their opinions in each of their areas of expertise is huge as well. You don’t want to be the last person to look over the final contract and neither does your broker. Your real estate attorney does.
KEEP GOOD FINANCIAL RECORDS
This lines up with the last point, if you have an accountant. Either way, being on top of this is important for obvious reasons. Keeping up with your monthly financial records will help you know how your lending situation is going to look. Even if you use your accountant heavily, have them give you regular updates. The best investors and business owners are constantly on top of this aspect. You need to be when looking to take some of you or your company’s capital and investing it somewhere.You then need to be aware of your net operating income (NOI) on a monthly basis with your property. I cover that aspect in detail in the next chapter. Chances are you have a really good grasp of this already. Reach out to a lender in the earliest part of your search and see what type of financing you can qualify for. Then you can open up communications with any owners with that information in more detail than you would have before.
76
Powered by FlippingBook