RESOURCES
Commercial real estate appraisals differ from residential appraisals, so if you have ever bought a house and experienced the appraisal process, it will be different for commercial real estate. Commercial appraisals are done for multifamily properties with 5 or more units or any other commercial property type like industrial properties, office buildings, retail, or hotels, etc.
Retail properties have been a mixed bag as of late. They took a hit during the pandemic when things were shut down, but if the retail business had an e-commerce presence they were able to scale accordingly. If you are considering your first retail property investment, here are just a couple of things to consider.
The hospitality industry has taken a beating the past couple of years. This has led to some investors converting hotels into multifamily units. The idea seems logical considering multifamily housing has still been in demand during the pandemic but here are some things to consider before you jump in.
There are many things you need to have in place before you can get approved for a loan such as building plans and permits, construction budgets, market/feasibility study, and an exit plan. If you are a first time developer then you will have a more difficult time acquiring financing since you do not have a proven track record.
