| 1.) What's Your Type? | | | | Communication |
| There are many different types of commercial | | | | If you are looking at an older building, there may be |
| properties that you can purchase including:o Officeo | | | | quite an investment up front to either meet city |
| Retail Spaceo Warehouse Facilityo Restauranto | | | | standards or meet your own standards. Don't overlook |
| Commercial Condoo Strip Mall | | | | the importance of a high-tech phone and Internet |
| The first step is clearly defining what type of property | | | | system, especially if you have a lot of employees. If |
| you want to purchase and how you want to use it. | | | | there is not already a T1 or fiber optic network in place, |
| The following information will help you maximize your | | | | build this cost into your purchase, as it will save you |
| investment dollars to get the best possible deal when | | | | money and headaches in the long term over more |
| purchasing your property. | | | | traditional (and older) phone and Internet systems. |
| 2. Build Equity With Your Investment | | | | Make sure to hire an expert to tell you if the changes |
| Equity is Money | | | | you need are possible and within your budget. With |
| Building equity is the primary if not the ultimate reason | | | | most commercial real estate loans, you can include |
| to buy instead of rent a commercial property. Let's | | | | these remodeling costs in your financing. Again, make |
| face it. It's money in the bank. In fact, it's better than | | | | sure to ask. |
| money in the bank because you can't get the same | | | | 11. Map Out Your Plan |
| kind of return on your money when it's sitting in the | | | | As a business owner, you understand the importance |
| bank as opposed to when you're building equity. | | | | of carefully planning every move. Buying a property |
| Moreover, if you choose the right financing for your | | | | requires no less preparation. Before you begin looking |
| commercial real estate purchase, you can not only | | | | for a building, sit down with your finances and figure |
| build equity through ownership, but you can also | | | | out how much of a mortgage you can afford to take |
| leverage your capital saving in order to grow your | | | | on. |
| business, hire additional employees, or even purchase | | | | Create a Budget |
| an additional location when the time comes. | | | | When calculating your budget for buying property, don't |
| Owning beats renting because you can sell your | | | | leave out taxes, insurance premiums, and repair and |
| investment once you outgrow the space or sell the | | | | maintenance, as well as costs involved in customizing |
| business. Even if commercial property in your area has | | | | the space to meet your needs. Failing to create a |
| not appreciated (which is unlikely), you can recoup your | | | | budget for these often overlooked expenses will |
| investment by renting out the space once you move | | | | quickly put you in the hole with your new property. If |
| out and by selling when the time is right. | | | | you need help creating this budget, ask your realtor or |
| If you plan on growing into your building, buy something | | | | your commercial lender for advice. |
| larger than your current needs, and rent out the extra | | | | Room to Grow |
| space until you need it for expansion. This will provide | | | | To determine the amount of mortgage you can afford, |
| you with steady income that you can use to help pay | | | | assess your income and expenses. Your mortgage |
| your mortgage or invest in your business. | | | | and property expenses should leave you enough room |
| | | | to operate your business without cutting into your |
| 3. Calculate Your Savings And Your Potential Profit | | | | normal expenses. |
| Lower Monthly Payments | | | | Sometimes it is necessary to take a cut in profit in |
| Consider buying commercial real estate as a savings | | | | order to purchase the kind of space you need to |
| for your business. Real estate costs are the third | | | | grow. Think of it this way: buying a larger space will |
| largest business expense, behind payroll and taxes. | | | | allow your company to stretch its wings, which will |
| Long loan amortizations mean that your monthly | | | | result in more profits down the road. It's a risk you |
| payments could wind up being less than what you | | | | sometimes need to be willing to take if you want to |
| would pay for rent, since landlords usually charge more | | | | grow. Remember, if you buy more space than your |
| than their monthly loan payment. In other words, | | | | company needs immediately, you can acquire tenants |
| owning your own commercial property may actually | | | | who will provide rental income that can significantly |
| be more affordable, depending on current market | | | | offset your monthly mortgage obligation. |
| conditions. | | | | Planning Ahead |
| Ask your lender to provide you with an analysis of the | | | | It's almost always a good idea to buy slightly more |
| current market in your area so that you can see which | | | | room than you currently need. You can lease out the |
| scenario is best for you (renting or buying). The lender | | | | additional space until you need it. If this is your plan, |
| should be able to explain your options in detail with | | | | map out how this will bring in income to help subsidize |
| examples of monthly rental costs vs. monthly loan | | | | your mortgage. Remember, however, that you may |
| payments and the benefits of each. | | | | have periods when some of the space is unoccupied, |
| Analyze the Rent Value | | | | so don't rely on the rent coming in to cover your |
| Upon finding a property that peaks your interest, find | | | | mortgage every time. Make sure you can cover the |
| out the status of the current tenants (if it is a | | | | mortgage on your own. |
| multi-tenant property) in terms of how much rent they | | | | Have an Exit Strategy |
| are paying. Check the current market to see if the | | | | So, how does it all end? Hopefully with big dollar signs. |
| rents are undervalued, meaning below what you can | | | | After all, that's why you're investing, isn't it? To |
| get in the current market. Your realtor or lender should | | | | eventually cash in on your investment. Therefore, you |
| be able to help you figure out how much you could | | | | need to have an exit strategy. |
| charge for rent and determine how much of a profit | | | | You might choose to hold onto your commercial |
| you can make each month. | | | | property through retirement, as real estate is a great |
| Tax Advantages | | | | asset that can provide you with a steady passive |
| There are many tax advantages to becoming an | | | | income stream: a lucrative retirement strategy. |
| owner of a commercial property. In most cases, you | | | | |
| can deduct part of the value of the building at tax time, | | | | 12. Before You Sign on the Dotted Line |
| as well as improvements you've made as depreciation, | | | | Having a carefully drafted contract is key in your |
| which can save you more money on your taxes. | | | | commercial real estate deal. You are required by law |
| Buying the property under your business or | | | | to have a written sales contract, and it is to your |
| corporation's name is also a better tax strategy than | | | | advantage to have one with each detail of the |
| under your personal name. | | | | transaction documented. |
| 4. Do Your Research | | | | Also, make sure to leave ample time for due diligence |
| The more you can learn about property types and | | | | and closing, especially if any construction is involved! |
| options, mortgages, financing, zoning and remodeling; | | | | Details |
| the better position you'll be in to make wise decisions | | | | Despite the stories of real estate contracts being |
| concerning the acquisition of a commercial property. | | | | thicker than phone books, all you really need is a |
| However, you don't have to know everything. That's | | | | contract that lays out the important elements of your |
| where putting together a powerful team of | | | | agreements. First, it needs to describe the property |
| professionals proficient in their areas of expertise may | | | | and the purchase price, as well as whether the price is |
| be your most important step. Building a team of | | | | due at closing or in installments. |
| advisors - people you can trust to steer you in the right | | | | Equipment, etc. |
| direction is critical to your success. | | | | The contract should include any equipment, machinery, |
| Understand Current Market Conditions | | | | or personal property that is included in the purchase |
| Keep your eyes open for news articles pertaining to | | | | price. It should list any contingencies that must be met |
| the commercial real estate market. Is it "hot" right | | | | prior to completing the purchase. A common example |
| now? Is it a buyers' or sellers' market? What kinds of | | | | of a contingency is whether you are able to obtain a |
| interest rates are available? | | | | loan to finance the purchase. |
| The Internet is a great place to start. Conducting a | | | | Don't Forget... |
| Google search for "commercial real estate market," | | | | The contract should cover how the property taxes |
| for instance, will give you results that include news and | | | | and utility bills will be pro-rated between you and the |
| resources for national trends, analytics and market | | | | seller, as well as what type of title insurance you must |
| research. | | | | provide. The date for closing and delivery of |
| In addition, many realtors, lenders and lawyers across | | | | possession should be in the document, as well as what |
| the country offer free and timely articles on their | | | | legal recourse either the buyer or seller has in the |
| websites that shed light on current commercial real | | | | event that the other party defaults on the agreement. |
| estate trends nationwide. Again, make sure you listen | | | | And Always... |
| to both sides of the story. | | | | Once the contract has been drafted, have a lawyer |
| Tap Expert Resources | | | | review it prior to signing it. A lawyer may be able to |
| National market research companies can give you | | | | help you negotiate a better deal than what is originally |
| specific information about the area where you're | | | | presented. |
| preparing to locate your business. You can also find | | | | Unfortunately, not all property sellers are honest, and |
| information on demographics including the median age, | | | | some will try to hide their true purpose in technical |
| household income, breakdown of ethnicities, and more | | | | legalese within a contract. Having a trusted lawyer and |
| from censuses available from the U.S. Census Bureau. | | | | commercial realtor review your contract will keep you |
| Also contact commercial lenders or realtors for | | | | safe in your transaction. |
| additional resources. In looking for help, it's usually better | | | | 13. Choose a Lender with Care |
| to talk to a lender or realtor with nationwide | | | | There are many types of lenders available to assist |
| experience and up-to-date information than a | | | | you with your commercial real estate financing. But |
| small-time operation that might not have recent data | | | | keep in mind: not all are created equal. Do your |
| for you. If the lender/realtor hasn't gotten updated | | | | homework in finding a lender that meets your specific |
| demographics since 1996, you've essentially wasted | | | | needs. |
| your time. Also, a lender or realtor that specializes in | | | | It's important to find a firm that can give you broad |
| the type of property you're looking for will be more | | | | access to capital, understand your priorities, offer you |
| likely to have the specific information you need, which | | | | the best deal on your loan and complete the process |
| will save you time in research. | | | | in a timely manner. |
| Study the Current Vacancy Rate | | | | Types of Lenders |
| Research what the vacancy rate has been over the | | | | There are three basic categories of lenders: direct |
| past few years for the area you're taking into | | | | lenders, indirect lenders and hybrid lenders. Direct |
| consideration. If there seem to be high levels of | | | | lenders lend their own funds. Some examples of direct |
| vacancies, try to find why. Is it a bad neighborhood? | | | | lenders include commercial real estate lending |
| Talk to store owners in the immediate area and find | | | | institutions, banks, and private lenders. Indirect lenders |
| out how long they've been doing business there. Ask if | | | | place funds on behalf of others, and include mortgage |
| they have any concerns that you as a potential | | | | brokers and mortgage bankers, as well as financial |
| property owner should know about the area. | | | | intermediaries. Hybrid lenders both lend their own funds |
| Research Commercial Realtors | | | | and lend on behalf of others, and include certain |
| It's important to research commercial realtors that | | | | investment banks, investment advisors and credit |
| specialize in the type of space you're looking for. Grill | | | | companies. |
| the realtor you are considering selecting on the entire | | | | Banks usually generalize in services, and offer a wide |
| purchase process so you know what to expect. Ask | | | | array of products. While this may sound good, think |
| how long the process usually takes so that there are | | | | about it for a moment. Would you rather have a lender |
| no surprises. Check their references and their track | | | | that knows a little about many financing options, or a |
| record (more on finding a Commercial Realtor in #5). | | | | lot about three or four products designed specifically |
| Examine Experienced Commercial Lenders | | | | for you? |
| Choosing a lender and financing program is just as | | | | Lending institutions are more specific in nature, and are |
| important as choosing the property. Again, find out the | | | | experts in the products they offer. Banks are more |
| entire process of financing, as well as your different | | | | traditional in their financing products, while lending |
| options. Don't assume that just because you've had a | | | | institutions are more entrepreneurial and creative. |
| relationship with your bank for years that using their | | | | Banks often require that you move all of your financial |
| financing is the best choice. | | | | relationships under their umbrella, including deposits, |
| Banks don't always offer the lowest rate for | | | | LOCs, etc., while non-bank lenders only work with your |
| commercial loans, and sometimes have a far longer | | | | real estate loan. |
| turnaround than non-bank lenders. Some banks require | | | | The U.S. Small Business Administration (SBA) is a |
| that you transfer your accounts to them in order to | | | | great resource for small companies looking to expand |
| qualify for a loan. Be aware of any stipulations when | | | | their business or purchase real estate for commercial |
| seeking a bank for a commercial loan. | | | | use. The SBA offers tools that can help you plan your |
| 5. Choose the Right Commercial Realtor | | | | next move, as well as loan programs for a variety of |
| As mentioned before, you need qualified partners to | | | | business purposes. The SBA itself does not offer |
| help you with the process of buying commercial | | | | loans, but works through banks and non-bank lenders |
| property. Start with a terrific commercial realtor. | | | | to provide small businesses with loan programs that |
| Some commercial realtors work exclusively with | | | | meet their needs. |
| individuals interested in investment properties. Others | | | | Get Started Early |
| work with owners/users of commercial real estate, | | | | It is important to choose your lender early in the |
| and among those some specialize in property | | | | process so that you can maximize leverage and get a |
| management, which can be an added value to you. | | | | lower cost of funds. Your lender will ask for certain |
| Who Do You Know? | | | | forms in order to determine your eligibility for financing, |
| Referrals from trusted sources are usually the best | | | | as well as to figure out what kind of deal you can |
| way to find a good commercial realtor. | | | | negotiate. |
| Ask Questions | | | | You will need to provide your income and expense |
| Set up a meeting with more than one potential | | | | statement, balance sheet and personal financial |
| commercial realtor. Find out as much as you can about | | | | statements from all prospective owners of the |
| their professional background, education, and | | | | property. If you don't have them written already, you |
| experience with your type of property. You can ask | | | | will need to create profiles of the management team, |
| for a list of recent transactions to give you an idea of | | | | including information on education and employment |
| what they deal with on a regular basis, and how many | | | | background, as well as experience relevant to your |
| properties they've actually sold in the last year or two. | | | | business. Other documents needed include a property |
| And most importantly, ask for client references | | | | appraisal, contract of sale, and plans for the use of the |
| (testimonials)! Real client feedback is the most | | | | property. Providing these documents early can help |
| effective measure for potential success. | | | | streamline the process. Again, your realtor and lender |
| The Right Match | | | | will help you through the process. |
| Make sure you choose a realtor that understands your | | | | 14. Know Your Financing Options |
| specific needs. If you are a small business, you don't | | | | While you are in the "shopping" phase of looking for a |
| want to work with a realtor that normally handles | | | | commercial property to purchase, you should begin to |
| multi-million dollar deals. Your project may become less | | | | research your financing options. There are many kinds |
| of a priority when that particular realtor gets a bigger | | | | of commercial financing options available, so it is |
| commission to worry about. | | | | important that you find the one that best suits your |
| 6. Consider Your Time Frame | | | | needs. It's also very important to know how much |
| If the reason you are looking for commercial property | | | | you're qualified to borrow. This will help you and your |
| is because your lease is ending, think twice before | | | | real estate broker find the right type of property for |
| jumping into a decision you might regret. Finding just the | | | | you faster. |
| right space, securing financing and going through the | | | | No matter what type of loan you wind up getting, |
| process of obtaining a commercial property can take | | | | negotiating the loan will be based on the same basic |
| months. If you don't have that kind of time, you may | | | | factors: anticipated use of the property, expected |
| need to rent month-to-month for now. | | | | returns from the property or business conducted there, |
| Take Your Time | | | | geography, type and size of real estate, perceived risk |
| While you may be in a hurry to move into a space, | | | | to lender and market conditions. There is no one rate |
| take your time. Buying any kind of property is a major | | | | applicable to all commercial financing. The rate you |
| decision, and buying commercial property is even more | | | | receive will be based on your specific situation. |
| important for the development and growth of your | | | | If interest rates are low, securing a low fixed rate will |
| business. Selecting a property in the wrong area, or a | | | | mean you pay less interest over the entire mortgage. |
| space that doesn't allow you to grow can hinder your | | | | A variable rate, which is considered by some to be |
| company and even cause it to fail, so plan carefully. | | | | more risky, can give you a lower payment for a period |
| If the realtor or lender gives you an estimate of three | | | | (before it increases), which will let you use the money |
| months from start to close, plan for longer - just in | | | | saved for other investments. |
| case. Keep in mind there are many people involved in | | | | In weighing your financing choices, remember that |
| the process of buying property, from the seller, realtor, | | | | some debt is good. Don't assume you should take the |
| lender, appraiser, surveyor, paperwork approvers, | | | | loan with the highest down payment requirement so |
| secretaries, and more and this process can often take | | | | you can "pay off your debt faster". Putting down more |
| slightly longer. | | | | money means you have less to invest in your |
| 7. Location, Location, Location | | | | business. |
| One of the most important factors in considering | | | | Term Loans |
| commercial property is location. If a property is located | | | | Based on how much money you need to borrow, |
| on a busy corner that is difficult to get to, your | | | | there are different financing options available. One |
| business may not do well (in fact, that's probably why | | | | option is a term loan. Term loans can be used for a |
| the property is for sale). If you want to operate a dog | | | | variety of purposes, including financing permanent |
| kennel and the property you're considering is in a | | | | working capital, new equipment, refinancing, expansion, |
| residential area, not only will your business disturb the | | | | acquisitions and, of course, buildings. |
| residents, the zoning laws may prevent you from | | | | There are loans specifically designed for commercial |
| operating there. | | | | real estate or equipment. Banks typically lend up to |
| Foot Traffic | | | | 80% of the value of the real estate to be financed, |
| For a retail business, look for areas with high foot | | | | and the loans must be repaid in 15 to 20 years. If you |
| traffic that will give you the exposure and increased | | | | are able to come up with the remaining 20% on the |
| walk-ins you need to be successful. | | | | cost of the property (and don't have anywhere better |
| If you are looking for an industrial or manufacturing | | | | to invest the money), this is an option to consider. |
| facility, then you can stay out of the retail limelight and | | | | Up Up and Away |
| buy something in a warehouse district. These areas | | | | Beware of balloon payments. While paying a very low |
| are usually cheaper than retail space. | | | | monthly amount at the start sounds great, you often |
| Easy Access | | | | end up spending additional money to refinance your |
| Make sure your location has easy access from the | | | | commercial mortgage as lenders reset interest rates |
| road. Look to see if the site is at a difficult intersection. | | | | or reexamine you and your business over the life of |
| Is there construction going on that seems like it won't | | | | the loan. |
| be ending any time soon? On the other hand, what's | | | | Credit Line |
| the potential once the construction is completed? | | | | If you want a more flexible loan, you may have the |
| Check out the Competition | | | | option of a credit line that can provide you with cash |
| If you want to open a bistro in a neighborhood that has | | | | on an as-needed basis, up to a cap amount. Credit |
| several bistros, you might want to try somewhere else | | | | lines almost always have a variable rate, and have |
| with less competition. However, a healthy population of | | | | interest-only payments for the first one to three years. |
| restaurants usually means a healthy population of | | | | Equity Financing/Joint Ventures |
| customers. | | | | Equity financing involves joint ventures with investors |
| Know Your Customer | | | | that have the capital you need. Usually, the investor will |
| Find out the demographics of the area you're | | | | receive a percentage of your business' profit in |
| interested in. If you want to move your sports apparel | | | | exchange for the capital you need to purchase the |
| shop to a new location, you'll probably want an area | | | | building or stock in the company if it is public. |
| with a high percentage of youth and active adults. An | | | | Some investors will take a back seat to your |
| urban area with a lot of pedestrian traffic might be | | | | executive decisions, while others will want a say in the |
| better for this kind of retail shop than a suburban area | | | | operation of your company. Joint ventures are not for |
| in a retirement community. | | | | everyone, so keep in mind all of these factors when |
| 8. Free Parking | | | | considering one. |
| We've all spent time driving around and around looking | | | | The SBA 7(a) Loan Program |
| for a parking spot. It can be very frustrating, especially | | | | The SBA has a variety of financing products that are |
| when you're running late. Whenever possible, you want | | | | ideal for small businesses. The most commonly used |
| a location that has ample parking for your visitors. | | | | SBA loan is the 7(a) Loan Program. The loan is |
| If you have a retail store, restaurant, or other | | | | provided through banks or non-bank lending institutions. |
| high-traffic business, estimate how many customers or | | | | In order to be eligible for a 7(a) loan, your business |
| visitors you're likely to have at any given time and | | | | must be for profit, and you cannot purchase real |
| consider rejecting any properties that have fewer | | | | estate for investment purposes. There are many other |
| available parking spaces than your estimates. Again, | | | | guidelines to qualify for a 7(a) loan. The maximum |
| use your best judgment and consult your realtor. | | | | amount a business can borrow from a 7(a) loan is $2 |
| Avoid Headaches | | | | million. Furthermore, all SBA 7(a) loans have |
| Also pay attention to how your parking is situated. If it's | | | | prime-based floating interest rates. This type of |
| located just off a major road, it may provide a | | | | interest rate structure can leave you vulnerable to |
| headache for people trying to back out of the parking | | | | monthly/quarterly interest rate swings that can have a |
| space, and may even cause accidents. When visiting | | | | significant impact on your monthly mortgage payment. |
| the property, see how well you can maneuver the | | | | Now you can see why it is so important to find a |
| parking. If it's a hassle for you, it will be doubly so for a | | | | commercial lender who can help you digest all of this |
| potential customer or visitor. | | | | information and take the time to explain your options. |
| 9. Get in the Zone | | | | 15. The Best Kept Financing Secret |
| Before you begin the negotiation process for a | | | | One of the main reasons small businesses choose to |
| commercial property, make sure to investigate the | | | | rent instead of purchase their own commercial real |
| zoning laws, as well as what types of businesses you | | | | estate property is the perception that they can't afford |
| are able operate there. There are zoning laws about | | | | the down payment. Many of them are not aware that |
| the type of business that can be conducted in certain | | | | SBA-guaranteed loans are available to qualifying |
| spaces. | | | | applicants and can provide up to 90 percent loan to |
| For instance, some spaces do not permit food and | | | | cost financing. |
| beverage to be served, or may have restrictions on | | | | In fact, the 504 loan program was designed to assist |
| how late a business can operate. The typical zoning | | | | small businesses in building or purchasing properties |
| districts in most cities include: residential, commercial, | | | | while spurring business growth in the local economy. |
| industrial and mixed-use. | | | | Only 10% Down |
| Don't Assume | | | | While in some parts of the country, use of the 504 |
| Zoning can be tricky, so do your due diligence on this | | | | loan program is widespread, there are other areas, |
| topic. Don't assume that just because the previous | | | | such as those east of the Rocky Mountains, where |
| tenant of the space had a restaurant that the property | | | | this program isn't getting the attention it deserves. If |
| you're looking at is necessarily zoned for food and | | | | you are unable to put down much of the loan cost, the |
| beverage. Many businesses slide under the radar for | | | | 504 is worth looking at: it only requires 10% - and there |
| months or years while violating zoning laws. Making | | | | are no closing costs in addition to the 10% down! |
| assumptions can cost you big time and big money | | | | (Please note that there are certain basic criteria you |
| when it comes to zoning. | | | | will need to have to qualify for the 10% down program. |
| Regulations | | | | A good lender work with you to do his or her best to |
| Zoning laws can regulate not only the type of business | | | | help you qualify for this benefit.) |
| that can operate, but also parking, signs, water and air | | | | The other 90% of the financing comes from two |
| quality, waste management, noise, appearance of | | | | places: up to 50% of the total cost (land, building, |
| building and more. Find out any and all regulations | | | | renovations, and soft costs) is paid for by a senior lien |
| regarding the property in advance. | | | | from a private-sector lender, and up to 40% comes |
| Visit your local library or zoning office to get | | | | from a junior lien from a Certified Development |
| information on all the zoning laws, rules and regulations | | | | Company (this portion is backed by a 100 percent |
| that apply to the property you're considering for | | | | SBA-guaranteed debenture). |
| purchase. Talk to people at the zoning office if you | | | | Smaller Payments |
| have concerns or questions prior to making the | | | | Since most banks and loan programs require a |
| investment. Ask your realtor to double-check your | | | | minimum of 20-30% of the property cost, and do not |
| efforts to ensure you've covered all your bases. | | | | fold in soft costs and closing fees, 504 loans are a |
| 10. Inspection | | | | great way to get the best of everything: by paying |
| Normally, if you are considering buying a home, you | | | | only 10% down, you retain more capital and are able to |
| have an inspector look at the structure, pipes, electrical | | | | make smaller payments over the life of your |
| system, etc. A commercial property requires even | | | | mortgage. |
| more of a stringent inspection, not only to meet your | | | | Because you have two separate loans with the 504, |
| needs, but also the requirements of the local | | | | you end up getting a blended rate that is below |
| government. | | | | market. The first loan is either fixed or variable, and is |
| Before purchasing commercial property, hire | | | | at or slightly higher than conventional financing rates. |
| professionals to thoroughly examine the electrical | | | | The second mortgage (the 40% loan) is considerably |
| system, including the sprinkler and security system, as | | | | lower than market interest rates, and is fixed for the |
| well as the plumbing, phone, and Internet systems. | | | | life of the loan. Having a lower interest rate lets your |
| Since you will have already done your homework on | | | | company retain more capital. |
| zoning and regulations, you will be aware of the building | | | | 504 loans can close in 30 days or less, saving you |
| codes. With the results from your various inspections | | | | time, and helping you get into your new property |
| you can get an estimate of how much work, if any, will | | | | sooner. Another advantage is that there are usually |
| need to be invested in order to get the building "up to | | | | fewer "hoops" to jump through to get approved, as |
| code." | | | | long as you are dealing with a lender who specializes |
| A Good Foundation | | | | in this type of loan as opposed to one who might |
| Hire an architect or engineer to examine the foundation | | | | process one or two a year. The specialist knows this |
| and structure, especially if you have frequent natural | | | | loan inside and out and can streamline the process, as |
| disasters such as earthquakes or hurricanes in your | | | | well as make sure you are receiving all the benefits. |
| area of the country. | | | | |