Essential Checklist to Navigating Property Searches
1. Define Your Property Search:
- Determine the type of commercial properties you’re interested in (e.g., Class C or D for creative financing).
- Consider starting with commercial multiunit properties (5 to 50 units).
2. Develop Relationships:
- Connect with property managers, county health department officials, commercial real estate brokers, residential real estate brokers, title agents, mortgage brokers, bankers, bankruptcy attorneys, and eviction services.
- Maintain ethical standards, especially with real estate brokers to avoid damaging your reputation.
3. Gather Leads on Commercial Property Investments:
- Check local Australian newspapers like “The Australian” and “Sydney Morning Herald” for classified ads.
- Explore Australian commercial real estate websites such as RealCommercial.com.au and CommercialRealEstate.com.au.
- Research Australian government agencies that sell commercial properties, like the Australian Government’s Department of Finance (finance.gov.au) for property disposals.
4. Join Relevant Associations:
- Become a member of local and national commercial property owner or manager associations.
- Network actively, volunteer for leadership roles, and establish key relationships.
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5. Participate in Real Estate Investment Clubs:
- Join local real estate investment clubs.
- Consider starting or joining a subgroup focused on commercial real estate.
6. Decide on Investing Locally or Nationwide:
- Weigh the pros and cons of local vs. nationwide investing.
- Explore secondary and tertiary markets for potential opportunities.
7. Use Demographics to Determine Location:
- Study population trends, movements, and economic factors.
- Follow large retail chain store developments as indicators of promising areas.
8. Prepare Essential Tools for Deal Making:
- Equip yourself with a reliable cellphone, an addendum template for contracts, and access to a mentor or third party for advice.
9. Understand the Three Rs - Risk, Reward, Roll Out:
- Assess the risk, potential reward, and scalability of each deal.
10. Attract Property Owners:
- Develop systems that make owners approach you, like reports showcasing your interest and expertise.
11. Make Unsolicited Offers:
12. Focus on Relisted Properties:
- Keep track of properties that are relisted at a new price for potential opportunities.
13. Target Unlisted Properties:
14. Additional Tips:
- Regularly review your strategy and stay updated on market trends.
- Attend real estate seminars and workshops for continuous learning.
- Always perform thorough due diligence before finalizing any deal.
- Stay informed about Australian real estate laws and regulations.
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