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Updated over 5 years ago,
First time buyer looking for advices
Dear all, my small family contracting business is looking to buy our first industrial property to serve our business. We found the property we like to purchase and made initial contact with the selling agent and our banks (both personal and business). The property is a small warehouse with a basic office space and is listed for just over $200K. Our current financial situation could afford to put up to $60,000 down and finance the rest. Because this is our first time trying to purchase a commercial real estate, we would appreciate any tips, insights, and advice on the following areas:
- - Do I need a buyer agent? If so, how is a commercial real estate agent paid?
- - Should I finance on the personal side or business side? What are the pros and cons?
- - Any precautions to watch out for when checking out the property for the first time with the agent? Should I contact a professional inspection just like buying a home?
Any tips related to purchasing/financing this type of properties are greatly appreciated!
Thanks!!