Today, more than ever before, investors in commercial real estate in Atlanta and those looking for industrial properties have many options and choices to consider. Even in a tight market where inventory is low there are more opportunities than one might expect. A few important steps that should be taken before initiating the purchase of an Atlanta commercial space are listed below. One of the first things to do is to find all the experts that you will need to accomplish the goal of securing the best possible Atlanta industrial property deal.
Hiring Experts in Atlanta Commercial Real Estate
Unlike residential real estate, purchasing Atlanta commercial real estate can be a complex and detailed process that may take time. Bringing on experts in the field can save you time, trouble and money. Hiring everything from a commercial real estate lawyer to an accountant and a mortgage broker that specializes in commercial real estate as well as a commercial realtor is essential. In addition to this core team of professionals, it is also recommended to have access to experienced engineers, environmental specialists, appraisers, and those that specialize in commercial tax law.
Banks or Mortgage Companies
While there may be some things that you can do on your own when purchasing an industrial property, it is always better to hire an expert in areas where you are not well versed. Financing plays a key role in having a successful outcome when making a commercial real estate investment. Determine early on what type of banks or mortgage companies you will use. Consider your existing credit and what kind of interest rate to anticipate. It may be required to get creative in terms of financing and purchasing the perfect property.
Securing Atlanta Industrial Real Estate
For example, is the owner or seller able and willing to help with financing? Understanding how carry back, a second mortgage, or a lease-option works is essential. In short, financing a commercial real estate purchase is far different and more demanding than purchasing a residential home. When making an offer, always talk with your lawyer first and get his or her stamp of approval before signing any documentation. In most cases, your attorney will require that you sign a letter of intent regarding the property and all the associated contracts involved in the deal.
A Trusted Escrow Officer
Finally, doing comprehensive and complete due diligence is absolutely essential. This is especially true when money is about to change hands for a piece of commercial real estate in Atlanta. Remember that having a trusted escrow officer is required for any successful transaction involving commercial property. Shop around and choose an escrow officer that will truly be a neutral third-party when overseeing all aspects of the transaction. Contact Wiedmayer & Co. today to learn more about making your next great deal on a piece of Atlanta industrial real estate.