Purchasing investment properties in Queens is a great way for commercial real estate professionals at all levels to increase revenue and grow their portfolios. However, not all Queens investment properties are created equal. Before purchasing an investment property in Queens, NY, there are a few things all commercial real estate professionals should know.
Investment Properties in Queens, NY Need An Independent Inspection
When looking at Queens investment properties, you should never forgo an inspection or simply take the seller’s word about the condition. While many Queens investment properties are newer construction, every potential acquisition should be accompanied by a third party inspection. Typically, a walkthrough will give you a good idea of the cosmetic changed that need to be made. An inspection, however, will give you an in-depth list of structural concerns, which parts of the property need to be brought up to code, and help you budget accurately for renovations and construction.
Avoid Bidding Wars
Queens investment properties can turn into very lucrative pieces of real estate by flipping or renting them. Because of this, many available properties attract multiple buyers, which can result in bidding wars. In a bidding war, the only person who wins is the seller. Commercial real estate investors will exceed their budgets to get those “ideal properties,” while simultaneously decimating their profit margins. There comes a point where a bidding war is no longer about money, and all about ego. To keep your pride and finances in check, know when to walk away. The truth is that there is no such thing as the perfect property, and there are many other commercial real estate opportunities in Queens, if you just explore the area.
Financing For Queens Investment Properties
Purchasing and renovating Queens investment properties usually involves more capital than most independent commercial real estate professionals have on hand. Unfortunately, many traditional lending channels are hard pressed to provide adequate and affordable financing for such projects. Savvy commercial real estate investors in the Queens area use commercial small business loans and bridge loans to finance acquisitions, renovations, and construction. These financing programs can be tailored to the project at hand, and can be arranged with the most favorable terms and rates.
If you are looking for purchase or rehab a Queens, NY investment property, talk to the experts at Express Capital Financing. Our team will work with you directly to provide a number of financing options so you can complete your project quickly and start generating revenue.