Three Valuable Tips for Buying Industrial Real Estate
Start with an Action Plan
It can be tempting to dive right in, but an investment of this size calls for due diligence. Conducting appropriate research and creating an action plan should come well before you begin searching for available properties. Begin with a working budget, which will automatically narrow your search options when the time comes to see what’s on the market. Decide how much space you’ll need, and whether that space will be used for tenants or for your own business needs. That decision alone will help you determine whether you’ll need things like office areas, number of loading docks, etc.
Do Your Homework
Assuming you can create an action plan with no issues and you happen to stumble across a property that seems to tick all of the boxes, step two is learning all about it. You want to find out why the current owner is selling, what sort of repairs or improvements will be necessary to bring the faculty up to speed for your needs, potential future costs, and other factors specific to the building and the land. You need to know about relevant zoning laws, proximity to things like the freeway and other transportation hubs, and much, much more. The more information you can gather, the better.
If tips one and two have you stumped already – and if you aren’t an industrial real estate agent, they likely will – we recommend that you skip straight to step three.
Partner with an Expert
Purchasing industrial real estate in northern Nevada or anywhere is a complicated process. There are many, many factors to consider, and bad investments are almost always linked to inexperience, lack of attention to detail, and pure carelessness during the researching and purchasing stage. Fortunately, you can avoid all of that by partnering with someone who knows the industry well and has the track record to prove it.
Here in northern Nevada, Miller Industrial Properties specializes in industrial real estate and will work to ensure the most satisfactory transaction. Let us help you create an action plan, find properties – including those you won’t see online – that suit your needs, manage all aspects of the negotiation process, and get you the best deal possible. Working with a professional is truly the best way to streamline the process and minimize headaches, frustration, and wasted money and time. If investing in industrial real estate is a plan for you in 2019, contact Miller Industrial Properties today.