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Commercial real estate investing is a big decision for many investors to make. For many, the potential benefits of commercial real estate are overshadowed by the increased risk. Ordinarily investors work up to commercial real estate from residential investing or they merely avoid commercial altogether.
George Levey represents an exception to the common approach to commercial real estate investing. In 2012, George made a tremendous leap purchasing a bank-managed retail center as his first foray into commercial real estate investing. Bringing with him little more than a keen business-sense and ambition, George dove head-first into the world of commercial real estate investing. This episode, George discusses his purchase of the now thriving retail center and the various ups-and-downs of a first-time commercial real estate investor.
- Why Retail Center?
- As a businessman, George wanted to invest in a relatively stable market where he would have control over his funds
- Recognized benefits of commercial real estate investing
- Do’s and Dont’s for First-Time Investors
- Support your customer: the same philosophy in business applies to commercial real estate; tenants are your customers, treat them with respect
- Align yourself with like-minded business partners (investors, associates, contractors, brokers/agents)
- When purchasing a new property be wary of existing tenants; it is difficult to remove bad tenants
- Good tenants drive business
- Have specific investing goals; know what you are looking for before you invest
- Due diligence is critical
- Evaluate investment risks
- BE PATIENT