Michael T Haas is an experienced real estate developer who has been in the industry for around two decades, primarily developing commercial properties for lease to other companies. He now has the benefit of all of that experience when making decisions about projects to invest in, so these tips will be useful for anybody who is just starting out and can’t draw on similar experiences.
Study Price Trends
Before you choose to invest in any commercial real estate opportunity, you should always take a little bit of time to research the price trends in the local area. Make sure that the amount that you are paying is in-line with similar investments made by others, using data that is as current as possible. Be wary of any investment that is at the upper end of the price scale.
Consider the things that could happen that may act as a catalyst for development in an area. For example, investment into infrastructure by the local authorities will often lead to the development of new business premises and easier commuting for workers or shoppers. This means that commercial real estate development opportunities become all the more appealing, while also having a higher chance of success.
Keep To Your Budgets
At no point should you lose sight of your budget in your efforts to chase a real estate investment. Michael T Haas is quick to point out that other opportunities will come along if you exercise a little bit of patience. Make sure to keep this in mind and don’t put yourself in a dangerous position.