Our Very First Commercial Property: How, Why & What We Learnt
I share insights into why I ventured into commercial real estate, how I found the project through networking and the process of financing the property. I delve into the specifics of the building, its initial condition, and the gradual transformation it underwent to increase its income and value, reflecting on the lessons learned from this project, emphasising the importance of networking, not solely relying on commercial agents' advice, and the impact of increasing income on property value. KEY TAKEAWAYS Networking was key in finding the first commercial project, emphasising the importance of building relationships and connections in the industry. Don't solely rely on commercial agents' advice if they are not supportive, as their perspective may not align with your goals and opportunities. Luck played a role in finding a property that was the right size to afford a full-time person to manage it, allowing for scalability and growth. Increasing income can directly impact the value of the property, showcasing the potential for leveraging and enhancing returns. BEST MOMENTS "The income affects value. So the more you can increase the income, the more down the track you can affect value and possibly leverage against that." "I think, I'm hoping that by sharing a bit more details about that particular one, that you can see that actually there's a logic to it." "I was scared. And the reason why I wanted a joint venture partner was because I didn't want to do it on my own. I wasn't sure if it was going to work." "Our job on the consulting side of CPI, Commercial Property Investor, is to hold your hand through the process, to minimise the mistakes, and critically, to speed up the process." JOIN THE NETWORK If you want to learn more about investing in Commercial Property why not consider joining the CPI Network? A community of active investors who collaborate, share experiences and empower each other in their Commercial Property endeavours. Useful Links: CPI Website - https://commercialpropertyinvestor.co.uk/Our Sponsors - https://commercialpropertyinvestor.co.uk/podcast-sponsors/Property Investing, Commercial Real Estate, Strategies, CMO, Lease, Licence Agreement, Cashflow, Vacancy rates, Agents, Best Commercial property podcast, how to buy, Valuations, ROI, residential, assets, Flexspace, office space, How to get started: https://www.commercialpropertyinvestor.co.uk/