Buy building instead of paying rent- what red flags to look for?

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My partners and I are looking into buying a building in our area instead of continuing to pay rent in Northern California. We will use part of the building for our company and then rent out the other offices to cover the rest of the mortgage.

We are new to commercial real estate and have a broker helping us look for a building. They have a couple buildings that look good but what red flags should I look for that the broker might not be giving a clear picture on?

Are there any commercial calculators or places to pull data from that will give me a way to cross check the number from our broker?

@Jesse Meddaugh , I made this move 2.5 years ago. I bought an empty 4 office building with a large parking lot and moved my accounting practice in. Now that it's fully leased out (including 7 parking spots leased to neighboring businesses) it cash flows nicely. A few things to consider:

1) Are you looking for a vacant building, full building, partially occupied? There are advantages to each.

2) May sure you understand NOI and cap rate. You'll also want to independently verify the typical cap rate for your area.

3) Determine how much you can afford to pay and stick to that figure when you're running numbers.

4) If you're looking at a building with existing tenants, you will want to know what they're paying and get a copy of the leases. Probably worth having an attorney review the leases.

5) Own the real estate in an LLC separate from the business.

6) Make sure you have cash reserves for the maintenance that you will immediately have to do after closing. 

7) Fall in love with the numbers, not the building.

8) Try to look at it from a prospective tenant's viewpoint. I.e., why would someone want to lease space in that building?

9) Consider seller financing if possible.

10) Expect to pay a lot for an inspection and an appraisal.

The list could go on, but this is a good start. Whatever you do, run your numbers conservatively.

Hope this helps,