What are the steps to purchasing your first commercial property? Best way to finance deals?
Woah, lots of steps - best outlined in a book, of which there are plenty. Here are a few general steps using traditional commercial loan financing: 1) At a minimum get Rent Roll and T12 from Seller; 2) Submit an LOI to the seller and agree on terms; 3) Get attorney to draft a Purchase and Sale Agreement; 4) Seller agrees to terms in PSA; 5) Look over all property documentation PRIOR to due diligence period starting; 6) (Simultaneous with other steps) - Appraisal/Get loan commitment from lender; 7) Inspect Property...
Best way to finance deals is the way it best fits your investment strategy, goals, and desired returns. There are many ways to finance and terms available. When you underwrite the property, this should include different financing scenarios so you can see what would be most advantageous.
Look at a mixed use building if you are transitioning from residential. Get your balance sheet and financial records in order for loan processing. Find a local mentor.