There are many different reasons that Bend, Oregon is a great place to invest. It is a growing community that continues to attract a variety of local, national and even international businesses within the city and the surrounding areas. In addition the increasing population creates a real need for high quality commercial properties in the area.
Making the decision to invest in commercial properties in Bend, Oregon can be one of the best options to add variety to your investment portfolio. Commercial real estate can be a very lucrative investment option and one that will not only pay for itself but continue to make you money for years into the future.
There are three common mistakes that first time investors in commercial properties often make. By avoiding these mistakes you can take full advantage of your opportunities and avoid making risky decisions that may not bring the return on investment you anticipated.
Mistake 1: Overvaluing Possible Income
It is critical to do some research and find out what comparable properties are renting for in Bend, Oregon. Often sellers will provide information on square footage rental that is not based in Bend, but may be based in other similar sized cities throughout the United States. These numbers are really irrelevant; it is only the local rental income that is relevant.
Mistake 2: The Fixer-Upper
Older commercial properties in good repair and with reasonable upgrades already completed can be a terrific option. However, poorly maintained or very old interior designs and features will not only devalue the selling price, it will also dramatically decrease your ability to rent them out. The cost of upgrading can be extreme so it is critical to work with a contractor you trust to get an accurate estimate of the costs to upgrade before you seriously consider the property.
Mistake 3: Paying Too Much
By working with a commercial Realtor you will have protection from being pressured by a seller or a seller’s agent that sees you as a first time investor that may be easily pushed into a sale. Knowing the going rate for similar properties is critical, but so is being able to accurately assess the worth of the property under consideration.
Working with a professional Realtor really is a critical way to avoid falling into common first time buyer traps. They can help you to locate commercial properties in Bend, Oregon that suit your needs, budget and your investment goals.
