Recently, my business partner and I purchased a commercial property in the Grand Junction area, and it was definitely an eye-opening experience. Today, I want to share a few important things that I learned about buying a commercial property with you.
First of all, you need to do your due diligence when it comes to the inspection. There is no commercial property inspector in the Grand Junction area, so you have to divide out the different systems in the building and have a professional from each one of those industries come in to check out the building. For example, have someone come in and check out the HVAC systems, have another professional come in to examine the roof, and hire a plumber to check on the bathrooms. You also need to make sure that you build enough time into the purchase contract for you to complete all of these inspections.
Now, the building that we purchased already had tenants in place. If that is the case, then it is important for you to create relationships with those tenants so that they stay. Look at the leases or put new leases in place if necessary. Create a rapport with the current tenants so that they remain in the property. Creating that rapport also allows you to set expectations for what you want and expect from the tenants.
Finally, it’s incredibly important to get familiar with all of the systems in the building. If you have never had experience with maintaining an elevator, there are certain state requirements that you need to meet in order to keep the elevator up and running. The same is true for fire alarms and sprinkler systems.
If you have any other questions about purchasing a commercial property, please don’t hesitate to reach out to me. I would be happy to help you!