January 23, 2015
Many people who call us and who aspire to be commercial real-estate investors lack the mentoring needed to succeed in commercial real-estate investing. They think that they can just purchase commercial real-estate without knowing much about it and that they are going to make lots of money. Actually, if they do purchase commercial property without mentoring, they could very well lose money
There are so many pieces to ownership of commercial real-estate. It’s a business in itself, just as running a clothing store is a business. Without mentoring, you could fail.
But, why in the title of this article do I use the term “True mentoring.” Because some mentoring is not honest nor effective. I am referring to certain courses in commercial real estate that do not give accurate information in how to succeed in commercial real-estate investment.
For example, I’ve come across some aspiring commercial real-estate investors who have taken such courses, and they severely lacked knowledge of the commercial loan process. This was because their instructors lacked such knowledge. If you do not understand the commercial loan process, you could lose a lot of money because of purchasing a commercial property that has many problems.
By true mentoring I mean someone who has lots of experience owning commercial real-estate. They can be outstanding teachers because they know the ins and outs of commercial real-estate investing and can help an aspiring commercial real-estate investor avoid the many areas of mistakes and failures.
An experienced commercial real-estate investor is quite likely to know that you have to manage your property manager, because some property managers have been known to make very costly mistakes.
An experienced commercial real-estate investor is also likely to know how to choose the right property that is a good investment.
It’s outstanding when you get mentored one on one with such a mentor.
Join organizations that have membership composed of those who have commercial real-estate investment experience. Take such a mentor out to lunch and ask questions to begin know about the area.
Or go in with a partner who has good experience in ownership of commercial real-estate.
Contact us if you would like to see if you pre-qualify for our best commercial loan rates and terms - or contact us if you would like to discuss your particular commercial loan concerns. Dial 214-695-7310 or email firstname.lastname@example.org
Bruce Painter, Director of Marketing, Business Loan