Commercial real estate is a very lucrative field. Unfortunately, it’s also very expensive, but if you can afford it, or if you have access to credit, all you need to be successful is knowledge and a little luck. While no one can help you with the luck, there are a number of sources for information and assistance, whether you’re an experienced investor trying to learn even more, or a beginner just getting started. Here are a few of the best ways to learn about the world of commercial real estate investing.
This is a great place to start, especially for beginners. There are so many books available on real estate, even commercial real estate specifically, that you’d never be able to read all of them. The best part is that it doesn’t have to cost you anything. Take a trip to your library and see what they have on the subject. Of course, you might find a few books that are such great references that you want to buy a copy. Books are often forgotten as educational resources, but they are such a great resource for anyone learning about commercial real estate, or anything else for that matter.
3 Books to check out are
- How to Succeed in Commercial Real Estate Review
- The Fundamentals of Listing and Selling Commercial Real Estate Review
- Commercial Real Estate Investing For Dummies Review
The internet also has a wealth of ideas and knowledge that will be helpful to you. Remember, of course, that information found on the internet is not always as trustworthy as what you would find in a book, but you can still learn a lot, as long as you check the background and legitimacy of the articles you read. There is also a lot more information to be found on the internet than in books, because it is so much easier to publish to, and it’s easier for you to access as well. All you need is a couch and an internet connection.
Some great resources include:
Find a mentor
Although finding a mentor will take much more effort and time than reading a book or searching the internet, it’s worth it. Find someone, or better yet, several people, who are experts at what they do, and ask to be a part of it. Real estate investors tend to be very busy, but if you offer to help them out, or even pay them, they may be more likely to help you in return. Being able to watch someone do what you want to do and ask questions when you don’t understand will be incredibly beneficial as you learn the process. Maybe, one day, you’ll have enough experience to take on your own mentee.
A great professional resource is a Certified Commercial Investment Member or CCIM
In the Tampa Bay Area we also our own expert mentors the Florida Gulfcoast Commercial Association of Realtors or FGCAR
Research the area you’re interested in
Learn as much as you can about the market you’re interested in. Focus on the area in which you want to buy, but also the size, price range, and type of property you like. The best way to do this is to pretend that you are already an investor looking to purchase property. Find available properties in the area and contact sellers about them. Of course, you don’t want to take too much of their time or commit to anything, but they’ll expect people to ask for information without necessarily buying the property.
Study past investors and their choices
Look into expert investors’ histories. Read about where they started and how they built their fortunes. Analyze their choices and take note of which ones were beneficial and which ones weren’t. Try to emulate their good decisions, and avoid their bad decisions, but don’t forget to add your personality to their style.
Looking for more help breaking into the world of commercial real estate? Contact us. We’re experts in the field, and we’re happy to help you with anything that you need.