Before getting started in commercial real estate, there are several questions you should ask yourself.
- Why commercial real estate?
- What do you bring to commercial real estate?
- How much desire do you have to be in commercial real estate?
- Where geographically do you want to be doing deals?
After asking these questions, there are several other important details to consider that you’re about to discover in the following video on getting started in commercial real estate:
Here’s a summary of what you learned of the video above:
Getting started in Commercial Real Estate
- Ask yourself the why the what the how and the where in getting started in commercial real estate
WHY(0:30)
- Why do you want to invest in commercial real estate? When the why is powerful the how becomes not so difficult the how becomes very clear.
WHAT(1:50)
- What do you bring to the table?
- What cash can your bring to commercial real estate investing?
- You don’t need a lot but you need some for expenses such as appraisals expenses, and travel.
How (2:26)
- How much desire do you have?
- Anything that you pursue that is great and worthy in life, is going to have obstacles.
- To come out successful you are going to have to have desire.
- If you have a strong desire it will outdo any talents or gifts when it comes to commercial real estate.
WHERE (3:30)
- The question is, ” Where should you invest?”
- Invest in your own backyard first.
- Begin in your own city so that you can qualify or disqualify your own area first.
- It is easier to become an expert if you are a local.
- If you want to go out of your area, that should be a last resort because it can be risky.
Basic Requirements of getting started in Commercial Real Estate Investing (4:28)
- Get a basic understanding of commercial real estate
- bare minimum things you need
1) you need to have an understanding of what commercial real estate is
2) You need to be able to evaluate a simple commercial real estate deal
- There are two videos that discuss these topics
- Commercial Real Estate Investing for Dummies
- The 5 Best Commercial Real Estate Types for Individual Investors
Computer
- Must have internet access
- The world if flat, you can invest anywhere you’d like just by having a computer
Cellphone
- Setting up appointments and meetings
Calculator
- Nothing fancy
- Use mortgage calculator online
- Calculated industries has real estate friendly focused calculators
- phone app calculator
Time
- Anything that you go after there needs to be a focused amount of time on that endeavor
- 3-4 hours a week bare minimum
Things you do not need to get started: (7:41)
- A real estate license
fact it can be a liability - You don’t have to start in residential real estate to jump to commercial real estate
They are two completely different investment types - You do not need a Masters or MBA to understand everything about commercial real estate
- You need experience focus and desire
- You don’t need to be rich
- You need a little bit of money and a lot of desire
Check out Master Lease Agreement technique
Conclusion (9:39)
- Two things the super wealthy have in common. The super wealthy are people that make a lot of money but also use it to do good.
- First trait: They all own commercial real estate
- Second Trait: They are all known for their integrity. They do the right thing even when it hurts.
How you do one thing is how you do everything. Always keep your integrity in tact
In Philadelphia the booming market on real estate has been busting around downtown near Center City. It’s money making in a couple years seems to be a competition properties are for grabs around Temple Area coming to Center City and from West Philadelphia University of Penn/Drexel and before we know the City will definitely a whole of Philly! Wish I had money to invest in the real estate this is the bouncing times people are sitting financial free in less than a year, millionaire are being created from Real Estates Deals in Philadelphia, PA
Good morning,
At which point the appraisal is necessary in the process of buying and which power we have in face of the selling price.
You wouldn’t want to pay for an appraisal until after you have it under contract and you have done as much due diligence as you can
I certainly appreciate your thorough knowledge of the industry; I hope to be as knowledgeable in the near future. I became one of your followers because of your genuine story.
I appreciate your integrity about commercial real estate. Most gurus I’ve met in the past said that you need to have experience in residential real estate investing than switch over to commercial. Thank you for your clarity and transparency.
Thank you Peter, I think your the best with your peogram, I have watched quite a few of your videos and cannot get enough, great job on helping people get started.
Hello Peter, thanks for sending me another informative, and inspiring video.
My question Peter should you start off in commercial real estate and Rehab in purchasing already fixed up
Always safer for beginners to start with deals that don’t require a whole of renovation.
Dear Peter,
Thank you for all your valuable info in your video channel.
I’m following your products, book and your newsletter for a while now, quite impressive.
I’m an international business man in London, and I have my company in Minnesota.
I’m willing to invest in Real Estate there and I’m facing shortage of loans or funding as a beginner in the industry.
What I’m looking for is a 10 years loan in order to buy a buy – let property and follow the same model of refinancing it back from rent.
For sure the company has no credit as we started just last October.
Kindly advice if you can assist in this in anyway please.
Appreciate your feedback Peter.
Thank you
Kind regards,
Al
Thank you so much Mr. Peter. I am looking into starting in a course of real estate in April to be licensed, I listened to your film and discovered that you don’t have to be! At a lost right now because April is almost here! I’m looking to invest into properties and want to follow up with these videos!!!!!
How can I get a copy of your mater lease agreement?
I will indorse knowledge from this program if so , training offer includes how much of my time and interest.
Great video sir thank you
Send more Information! Thanks.
If I use my 401k to get started, how would I go about that avenue?
Check out this great training on The Solo 401K
Hello Mr Harris I got some credit card debt I should have under control early next year. I’d like to what steps
should I take in the mean time.
I’m interested in self storage investing.
I I am interested in getting coaching to do my first deal I have a lender was willing to lend up to a 100% LTV of the deal with 3% up front.
Thank You for responding to our concerns via this video. Regarding out of pocket cost and travel being required to began investing in commercial real estate.
How would having a real estate license present a possible liability when investing in commercial real estate?
It wouldn’t.
Commercial real estate atengs usually make more than residential BUT there is a long wait for your first commission the commissions are few and far between but they are larger.
Because one, at least in Ohio, must disclose that he/she is a licensed agent and sometimes the other party may be leery of entering into a transaction with a licensed agent.