Due Diligence in Commercial real estate
Hello,
Good afternoon everybody !!
I have been doing Residential real estate as Realtor, Investor and Property Manager for last 7 years. I have decided to jump to commercial real estate as an investor. Currently I am considering two Single Tenant properties with 7 years of lease remaining on each of the property. One is national tenant and another one is multi million dollar manufacturing company. Both lease are guaranteed by corporate HQ.
Both properties are above $3.5MN purchase price and I have never purchased property of this price.
I would like to seek advise of an experts from this group that what are the due diligence steps need to be taken for lease validation and this purchase? Is separate attorney required for this? I know lender is asking for Phase I EPA report and appraisal.
Any other suggestion is highly appreciated.
Thanks in advance.
Umesh Chokshi