Are you looking to buy a multi-family asset in the next three years? All these different things are going to play into your experience as an owner. If you’re not comfortable taking those risks, take a step back and reconsider investing in real estate.
So maybe not in other cities, but in New York City, real estate and politics are kind of married to each other. Why is that?
So commercial leases come in various forms. Some are modified gross leases.
So if you are a tenant, and you’re going into a relationship or a lease with an owner, please be sure to talk to your broker about what is the type of lease the owners offer – is it modified gross, is it a gross lease, is it a percentage lease or a triple net lease?
During a market shift, you can find that opportunities may be more available to you because the prices are a little bit more flexible.
What advice would I give to an agent who may be representing a buyer?
If you’re purchasing a foreclosure asset, do you know what the details of the property are?
Commercial real estate changes on a day-to-day basis. So every day, I have the opportunity to succeed. Every day, I have the opportunity to learn something different.
Right now, we are absolutely in a market that is correcting, and it’s sometimes the best time to jump in the market and succeed.
Right now, the market is simply trying to adjust to what the real values are.
Do you have the right team behind you?
Like a real estate specialist. Someone who understands your market. Someone who understands what they are doing.
Every realtor is not created equally – I can tell you that, I’m one of them. But with the right one in your back pocket, you can almost be in front of so many different things. You can be ahead of the curve. You can know about properties before they ever hit the market.
We don’t talk enough about having the right support system around us to succeed in real estate, but how else do we win? We don’t do this by ourselves.
So who are you working with? Have you talked to them about how much they know, what they know, and how they go about doing things?