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GOLDEN RULES OF COMMERCIAL REAL ESTATE INVESTING

BY: RILEY MARK

Abstract Commercial and industrial property ownership is an excellent way to build your assets, create income streams separate from your core business and plan for your retirement. Here's what you should be thinking about if you've decided it's time to invest in your own property, instead of paying off someone else's asset with your monthly rental bill.

I.

Introduction

Buying and owning real estate is an investment strategy that can be both satisfying and lucrative. Unlike stock and bond investors, prospective real estate owners can use leverage to buy a property by paying a portion of the total cost up front, then paying off the balance, plus interest, over time. While a traditional mortgage generally requires a 20% to 25% down payment, in some cases a 5% down payment is all it takes to purchase an entire property. This ability to control the asset the moment papers are signed emboldens both real estate flippers and landlords, who can, in turn, take out second mortgages on their homes in order to make down payments on additional properties. Here are several ways in which investors can make money on real estate.

II.

Ways to get into commercial real estate

Real estate has always been an integral part of one’s investment portfolio, not only because of the potentially high returns but also the associated pride of ownership. But every investment in real estate does not fetch good returns. There are numerous instances where investments in real estate have turned sour for investors. But residential and commercial real estate respond differently to situations.

“Residential is the preferred asset class, as demand is higher and less specific than in commercial real estate," said Anuj Puri, chairman and country head, JLL India. Moreover, retail investors better understand residential properties than commercial properties. “Given the huge demand for homes in most cities, residential realty provides a reliable source of rental income if chosen well," said Puri. But if the purpose is investment, then capital appreciation is important as well. “Residential realty market is going through a depression," said Gulam Zia, executive director, Knight Frank India. In contrast, absorption of commercial space has improved; a trend that’s likely to continue. “Rental yield is higher" said Dhruv Agarwala, chief executive officer and co-founder, PropTiger.com. A commercial property could be a small shop in a neighbourhood, housing complex or a mall, a small office space, or even a joint investment in a bigger office space. Each of these should be looked at from different perspectives—investment amount, tenant profile, returns, exit options and associated risk. Shops Shops can be an entry point for a new investor. One can buy a shop in a neighbourhood market, a residential housing complex, high street area or a mall. “Returns can be 9-10% per annum, or even 12-13% if the shop is in a good location," said Zia. Shops can be let out to be used as ATMs, retail outlets or to professionals such as chartered accountants and doctors. While investment amount will depend on size of the property, location matters. For example, a small shop in a high street area may cost more, and rental yield could be lower, but tenant profile will be higher, vacancy risk lower, and you can enter into long-term lease agreements. Smaller shops in malls are sold to individual investors, but can be difficult to manage and poor location may mean lesser footfalls. If you intend to buy such a space, ensure that the mall is managed by an established developer or a professional agency, even if this means capital values and maintenance costs being higher. But mall owners now prefer to lease out the space rather than selling it. Offices Many companies are in an expansion mode and small enterprises are setting up offices in business hubs. According to a report by real estate consultancy CBRE, “Demand for corporate office space in India’s leading cities firmed up in the second quarter of 2015.... More than 8 million sq. ft. of commercial office space was taken up across seven leading cities, translating to a quarter-on-quarter (q-o-q) increase of around 70%." While this may look attractive, you need deep pockets to be able to invest in good office space—2,000-20,000 sq. ft, or more. “One can expect 15-20% CAGR (compounded annual growth rate) from office space in the medium to long term," said Anil Rego, chief executive officer and founder, Right Horizons, an investment advisory and wealth management firm. However, again, location plays a vital role. “Grade-A properties in corporate office segment offer stable investment yields," said Anshuman Magazine, chairman and managing director, CBRE South Asia Pvt. Ltd. (Grade-A properties are those that are located in central business districts and are also well managed.)

“For the conservative investor, ready commercial office properties may be suitable as it will give steady cash flow through an ongoing rental yield, as well as expectations of future appreciation," said Magazine. Land parcels “Land can provide the highest capital appreciation as long as the investor has chosen the location and plot size well, has done thorough due diligence and can afford to wait for longer periods," said Puri. Land parcels within city limits are limited and expensive, but one can also look at suburbs of metro cities. Typically, plots are not sold by established developers and you may have to approach development authorities or small plot developers. Going through real estate agents can be a risky approach. “Be careful about the titles since there are many fly by night operators in this segment," said Rego. Private equity (PE) funds PE funds buy stakes in residential or commercial projects, by tying up with developers, usually at the initial stage of a project. They exit once the project takes off and prices appreciate. “PE funds are more for high net worth individuals as one has to invest at least a couple of crores," said Zia. HDFC Real Estate Fund, ICICI Venture, ASK Property Investment Advisors, Kotak Realty Fund, Piramal Fund Management, Motilal Oswal Real Estate, and IndiaReit Fund Advisors are some PE funds through which one can invest in domestic and foreign properties. Real estate investment trusts (REITs) REITs now have pass-through taxation—the investor pays the tax and not the fund. This has made them more attractive. REITs are similar to mutual funds—money is pooled in from investors and the corpus is invested, primarily in completed, income-yielding real estate assets. The revenue or income generated is then distributed among investors.

“Retail investors with small amounts of money can look at REITs," said Zia. “These may be available in India in a year and so. An investor may want to wait for these instruments to be

launched as investing in real estate has to be done for the long term," he added. The minimum amount that can be invested in REITs is expected to be as low as 2 lakh. Things to remember Investing in commercial space can be complicated; good rentals depend on location, and subsequently the quality of the tenant. “One has to be careful about economic cycles, which can lead to volatility in absorption of new commercial developments. Lease rentals can fluctuate substantially based on economic cycles. Also, commercial buildings deteriorate over time and rental yields could fall," said Agarwala. Liquidating is also tough. “Real estate is a very illiquid asset. So, it is not at all advisable to do any sort of investment with a short-term horizon," said Rego. If you are the sole owner of the property, then ideally hold on to it for the long term. But keep doing the necessary maintenance so that the rentals and the value of the building appreciate or at least remain intact. Maintenance can also be an issue for properties that have multiple owners such as a shopping complex or an office building. “There could be operational risks involving building maintenance issues and regular upkeep of the facility that may have significant impact on the rental values of a commercial property," said Magazine. So, before buying such a property, make sure that the property’s upkeep is taken care of either by the builder or an external agency. “The ideal investment horizon is 5-7 years," said Puri. Issues of maintenance crop up after that time and in the absence of any consensus between co-owners, the building depreciates. For those keen to invest in real estate, commercial properties are a viable alternative to residential options. But do note that one needs financial abilities, sufficient market knowledge and longer holding power.

III.

What Is The Best Type Of Commercial Property To Invest In?

Have you ever walked through a major city and counted all the different commercial property types? There are gas stations, hotels, strip malls, apartment buildings, industrial buildings, municipal buildings, office buildings, funeral homes, churches, synagogues, cemeteries and more. Yes, cemeteries! Did you know that grave plots are sold by the inch? They are commercial real estate too. Commercial investment properties range in size from a small, single-story, 750-square-foot office building to the Sears Tower in Chicago that is 4.5 million square feet. There is no other investment that I know of that gives you four types of income over time: rental income, rental increases, appreciation and saving on your taxes with depreciation. Which Commercial Properties Make The Best Investments? Do you know what flex space is? It is just about the hottest, most in-demand commercial property type right now — and no, it is not space made for a yoga studio. It is a light industrial complex where each unit has a showroom on one side and an office on the other. Flex industrial spaces are some of the lowest-risk investment properties, and they stay full.

Small businesses that occupy them almost always pay the rent, as it is affordable. These entrepreneurs have pride in their operations and keep their units clean and tidy.

Apartment buildings, also know has multifamily, also carry some of the lowest risk. As the population has grown and home prices have increased, renting is the only option for many young people. Likewise, seniors often do not want the responsibility of maintaining a home and are becoming more attracted to renting. Multifamily vacancy nationally today is unusually low, at about 5%. The drawback is that multifamily is one of the most difficult commercial property types to manage. Renters in high-end complexes often have unrealistic expectations for maintenance and service. If someone’s toilet breaks on a Saturday and it is not repaired until the following Monday, the apartment complex will often get a bad review online. On Class C apartment complexes in working-class neighborhoods, property owners may have headaches with rent collections, domestic disturbances, eviction and property damage. It often takes a very strict, hands-on approach to manage these effectively. Self-storage, which performs well during good and bad economic times, is an outstanding commercial property investment. What an easy business to run: no toilets to fix, walls to paint or carpets to replace. When one tenant moves out, all you do is sweep it out to make it ready for the next one. The downside is that a new self-storage complex could be built nearby and steal your tenants or force you to lower your rents. And let’s not forget mobile home parks. As long as most of the tenants own their homes, these make for a great investment. With no buildings to repair, most of the upkeep is landscaping and light maintenance. Because people rent space for their homes, they take care of the premises and just about always pay the rent on time. What Commercial Properties Are Not As Desirable To Invest In? Single-tenant, single-use buildings like an auto dealership are the highest-risk commercial property investment. If the dealership goes out, you have 100% vacancy. And what other type of tenant could you find to occupy that space? In Albuquerque, New Mexico, I know of an old car dealership that has been turned into a restaurant, but this is unusual. On the other hand, a single-credit tenant property with an AA credit rating has virtually no risk of failure. But these commercial property types have the lowest cap rates and are the most expensive. Even a four-unit commercial building is risky. If one tenant moves out, you could be facing 25% vacancy or more. The result could be the property running at a loss after

loan payments. It is best to invest in an office or retail complex that has eight or more diverse tenants with some national names mixed in. Retail malls that are based on apparel anchor tenants are on the decline nationally because of the high demand for online sales. However, strip malls that have a balanced tenant mix between popular chains like dollar stores, restaurants and service business are doing well. New Trends In Commercial Investment Properties Here are a few newbie commercial property types that are winners: Did you know that micro-apartments command the second-highest rent per square foot of all multifamily properties? They are 240- to 500-square-foot urban dwellings that rent from an average of $1,200 to $3,500 per month, depending on location. Millennials love them because they are luxurious, and within easy walking distance of trendy boutique shops and fabulous eateries — perfect for a population not fixated on homebuying. Only student housing rented by the bed rents for more per square foot. Co-working space has become popular in large metros. These often offer a choice of configurations, including large rooms with tables, open spaces filled with individually assigned desks or cubicles, and sectioned-off rooms that mimic traditional offices. Many remote and freelance workers find these spaces attractive for regular or periodic work. Fees range from $75 to $400 per month. This property type garners the highest price per square foot of all office properties. For those who are retired and want absolutely no headache, a triple net lease credit tenant property cannot be beat. They have national tenants with good credit ratings willing to pay the taxes and insurance and fix everything. Apartments are low-risk and a great way to get started, but if you are not the nagging type, this might not be the right property for you. Then think about self-storage, one of the easiest commercial property types to run with almost no maintenance. And it doesn’t get much better than investing in a flex industrial complex — that is, if you can find one for sale. So, how should a first-time commercial property investor choose a property type? Go with the option that fits you and your lifestyle. Here you will find a perfect example of commercial property for lease/sale in West End. Ex: Industrial Warehouse for Lease/Rent in West End QLD Property Description

Right on Boundary Streets busiest corner is this unique space that would be an ideal coffee outlet or creative space. 57m2 internal with exclusive use front courtyard positioned right behind popular restaurants and cafes and fronting the West End Markets. Ideal opportunity for a unique concept. Call Exclusive agent Anthony Conias now for further details. Want to know more about this property? Visit here for further details: https://www.commercialproperty2sell.com.au/details/rare-boundary-street-opportunity.php

IV.

The Most Important Factors for Investing in Real Estate

What's the most important thing to look for in real estate? While location is always a key consideration, there are numerous other factors that help determine if an investment is right for you. Here's a look at some of the most important things to consider if you plan to invest in the real estate market. 1. Location of the Property Why is it important? The adage "location, location, location" is still king and continues to be the most important factor for profitability in real estate investing. Proximity to amenities, green space, scenic views, and the neighborhood's status factor prominently into residential property valuations. Closeness to markets, warehouses, transport hubs, freeways, and taxexempt areas play an important role in commercial property valuations. What to look for? A mid-to-long-term view regarding how the area is expected to evolve over the investment period. Today’s peaceful open land at the back of a residential building could someday become a noisy manufacturing facility, diminishing its value. Thoroughly review the ownership and intended usage of the immediate areas where you plan to invest. Here you will find some information related to West End of Brisbane. West End (4101) is a suburb of Brisbane, Southern Suburbs, Queensland. It is about 2 kms from QLD's capital city of Brisbane. West End is in the federal electorate of Griffith. In the 2011 Census the population of West End is 4,242 and is comprised of 48.3% females and 51.7% males. The median/average age of the West End population is 35 years of age, 2 years below the Australian average. 72.9% of people living in West End were born in Australia. The other top responses for country of birth were England 3.3%, New Zealand 3.2%, United States of America 1%, Philippines 0.9%, Scotland 0.6%. 83.4% of people speak English as their first language 0.6% Tagalog, 0.6% Italian, 0.5% German, 0.5% Greek, 0.4% Filipino. The religious make up of West End is 26% Catholic, 24.5% No Religion, 15.8% Anglican, 4.8% Uniting Church, 2.9% Presbyterian and Reformed.

64.6% of the people living in West End are employed full time, 22.3% are working on a part time basis. West End has an unemployment rate of 6.5%. The main occupations of people from West End are Professionals 22.5%, Technicians and Trades Workers 15%, Clerical and Administrative Workers 13.5%, Community and Personal Service Workers 11.4%, Labourers 10.6%, Managers 10.1%, Sales Workers 8.1%, Machinery Operators And Drivers 7%. The median individual income is $697.00 per week and the median household income is $1116.00 per week. 17.9% of homes are fully owned, and 27.3% are in the process of being purchased by home loan mortgage. 50.6% of homes are rented. The median rent in West End is $250 per week and the median mortgage repayment is $1733 per month. Read more: https://localstats.com.au/demographics/qld/brisbane/southern-suburbs/west-end 2. Valuation of the Property Why is it important? Real estate financing during purchase, listing price during the sale, investment analysis, insurance premium, and taxation—they all depend on real estate valuation. What to look for? Commonly used valuation methods include: 

Sales comparison approach: Recent comparable sales of properties with similar characteristics—most common and suitable for both new and old properties.

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Cost Approach: Cost of the land and construction, minus depreciation—suitable for new construction.

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Income approach: Based on expected cash inflows—suitable for rentals.

3. Investment Purpose and Investment Horizon Why is it important? Given the low liquidity and high-value investment in real estate, a lack of clarity on purpose may lead to unexpected results, including financial distress—especially if the investment is mortgaged. What to look for? Identify which of the following broad categories suits your purpose, and then plan accordingly: 

Buy & Self-Use: Savings on rentals, benefit of self-utilization, and value appreciation.

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Buy & Lease: Regular income and long-term value appreciation. Must develop the temperament to be a landlord (or hire a property manager) to handle possible disputes and legal issues, manage tenants, repair work, etc.

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Buy & Sell (Short-term): Quick, small to medium profit—usually buy property under construction before selling at a profit on completion.

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Buy & Sell (Long-term): Large intrinsic value appreciation over a long period. A means to work toward long-term goals such as retirement, college tuition, or other significant expenses.

4. Expected Cash Flows and Profit Opportunities Why is it important? Cash flow refers to how much money is left after expenses. Positive cash flow is key to a good rate of return on an investment property.

What to look for? Develop projections for the following modes of profit and expenses: 

Expected cash flow from rental income—inflation favors landlords for rental income.

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Expected increase in intrinsic value due to long-term price appreciation.

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Benefits of depreciation (and available tax benefits).

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Cost-benefit analysis of renovation before sale to get better price.

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Cost-benefit analysis of mortgaged loans vs. value appreciation.

5. Be Careful with Leverage, and Know the Pitfalls Why is it important? Loans are convenient, but they may come at a big cost. You commit your future income to get utility today at the cost of interest spread across many years. Be sure you understand how to handle loans of this nature so you can benefit from it to the maximum—and avoid major pitfalls. What to look for? Depending upon your current and expected future earnings and paying capability, consider the following: 

Decide on the type of mortgage that best fits your situation (fixed rate, adjustable floating rate, interest only, zero down payment, etc.).

 

Be aware of the terms, conditions, and other charges levied by the mortgage lender. Hunt around and bargain for a better deal to find lower interest rates and better terms.

6. New Construction vs. Existing Property Why is it important? New construction usually offers attractive pricing, the option to customize, and modern amenities. Risks include delays, increased costs, and the unknowns of a newly developed neighborhood. Existing properties offer convenience, faster access, established improvements (utilities, landscaping, etc.) and, in many cases, lower costs. What to look for:  

Review past projects and research the construction company's reputation for new investments. Review property deeds, recent surveys, and appraisal reports for existing properties.

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Consider monthly maintenance costs, outstanding dues, and taxes. Costs such as these can severely impact your cash flow

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When investing in leased property, find out if the property is rent controlled, rent stabilized, or free market. Is the lease about to expire? Are renewal options favorable to the tenant? Are furnishings the property of the tenant or owner?

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Quality-check items (furniture, fixtures, and equipment) if these are to be included in the sale.

7. Indirect Investments in Real Estate Why is it important? Managing physical properties over a long-term horizon is not for everyone. Alternatives exist that allow you to invest in the real estate sector indirectly. What to look for? Consider other ways to invest in real estate: 

Real estate investment trusts (REITs)

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Real estate company stocks

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Real estate sector-focused mutual funds and ETFs

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Mortgage bonds

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Mortgage-backed securities

8. Your Credit Score

Why is it important? Your credit score affects your ability to qualify for a mortgage, and it impacts the terms your lender offers. If you have a higher credit score, you may get better terms—which can add up to substantial savings over time. What to look for? Scores greater than 800 are considered excellent and will help you qualify for the best mortgage. If necessary, work on improving your credit score: 

Pay your bills on time every month (set up automatic payments or reminders).

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Pay down debt.

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Aim for no more than 30% credit utilization.

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Don't close unused credit cards (as long as you're not paying annual fees).

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Limit requests for new credit and "hard" inquiries.

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Review your credit report and dispute any inaccuracies.

9. Overall Real Estate Market Why is it important? As with other types of investments, it's good to buy low and sell high. Real estate markets fluctuate, and it pays to be aware of trends. It's also important to pay attention to mortgage rates so you can lower your financing costs, if possible. What to look for? Stay up-to-date with trends and statistics for: 

Home prices and home sales (overall and in your desired market)

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New construction

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Property inventory

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Mortgage rates

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Flipping activity

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Foreclosures

Real estate can help diversify your portfolio. In general, real estate has a low correlation with other major asset classes—so when stocks are down, real estate is often up. A real estate investment can also provide steady cash flow, substantial appreciation, tax advantages, and competitive risk-adjusted returns, making it a sound investment. Of course, just like any investment, it's important to consider certain factors, like the ones listed here, before you invest in real estate—whether you opt for physical property, REITs, or something else.

V.

Tips for investing in commercial property

When first embarking on investment in commercial property, one should be cognisant of certain factors before making a final commitment. Before you start, however, it would be wise to look at the market trends and to exercise a little patience until the right property becomes available. It will be worth your efforts in the long run.

Getting started Investment in commercial property was traditionally the preserve of institutional investors, but private investors are presently seeing an opportunity to dabble in the commercial market as well – not necessarily as sole buyers, but in cooperative companies or groups. Initially, you need to decide what type of property you wish to own. Wisely chosen commercial properties can provide higher returns than residential, between 6% and 12% as compared with 1% to 4% growth in residential properties. The risk to income tends to be lower in commercial property and the leases are generally longer, helping to stabilise your cash flow. Giving attention to due diligence by establishing the assets of the property and evaluating its commercial potential is a good place to start. Assess suitability Check with town planning to be sure there are no major surprises in store after you have made your purchase. Be informed about overlay zones, as these supersede zoning regulations. Ask important questions such as the following: What is the traffic like in the area? Will your staff have difficulty getting to your premises? Is there adequate public transport in the area for the workforce to use? Is the area safe for clients and employees travelling to and leaving the property? Do you have sufficient parking? Will your company cause noise, pollution or traffic congestion which could evoke complaints from neighbouring businesses or properties? Is there sufficient passing foot traffic for your future tenants, if their success depends upon it? In order for your investment to be successful, it must suit the needs of the tenants you wish to attract. Additionally, find out whether there are any environmental concerns – such as extreme air pollution or the declaration of the area as a reserve for the protection of a certain creature or plant – and ask yourself if this will impinge negatively upon your business. Realise the risk

When embarking on investment in commercial property, it would be wise to assess all possible risk factors. For example, having a single tenant lays you open to the possibility of having several months with no income, while still having to service the usual outlays such as bond, rates, municipal services, etc. if the tenant does not renew their contract. Multiple tenants in an assortment of business genres should ensure that only one or two units may become vacant at any one time. It is also advisable to have funds set aside to cover the occasional vacancy or for when maintenance, either regular or unexpected, is required, so that your liquidity is not jeopardised when problems arise. Diversifying your investments will help you to weather most economic storms. While concerns relating to commercial property investment can seem quite daunting, they are not insurmountable, and with the help of a reliable commercial property expert who can guide you in your search, the journey should be an exciting and remunerative experience.

VI.

The dos and don’ts of commercial property investing

After working in the property investment arena as an active investor and advisor for over a decade, I’ve seen almost every strategy out there. From entry-level ‘buy and hold’ residential investments, to blue-chip ‘buy and hold’ investments, right through to the confusing world of commercial property investment. It’s the latter that really is not for the faint-hearted. Commercial property investment can be one of the most lucrative investments in real estate and I’ve seen clients realise extraordinary capital gains and huge cashflow wins. But I’ve also seen the opposite — two-year vacancies, big drops in market value and people losing it all. Put simply, commercial property investment is higher risk than residential property investment, and for those not well versed with its nuances or trends, it’s important to avoid costly mistakes. Here are some dos and don’ts for commercial property investors. Do have a plan Before investing your hard-earned cash or equity in a commercial property you must have a plan. Having a proper investment plan better equips you to recognise the right property when it comes along. Many commercial investors make the mistake of buying a commercial property because it seems like a good deal and then attempt to make it fit into their plan.

But seasoned investors not only have a plan, they understand how a commercial investment can fit into an existing portfolio (typically with a number of residential investments), with a big focus on the long-term strategy, risk mitigation, capital growth, and above all, cashflow. Don’t believe the hype that you can make money quickly I’ve seen plenty of first-time investors take the leap into the commercial real-estate space, only to have the tenant go into receivership or liquidation within months of the contract settling, and then having to hold the asset vacant for months and months on end. Remember, commercial real estate is really only as good as the lease and tenant in place. Don’t think you can invest in commercial property single-handedly Successful commercial investors rely on a team of professionals to assist them. From setting a clear strategy, commencing detailed research and choosing the correct property at the correct price with the correct conditions, right through to settlement and property management — your team needs to complement your shortfalls in knowledge. Don’t overpay It might seem obvious, but ‘rookie’ commercial investors often overpay. Now, I don’t mean if the asking price is $700,000 you shouldn’t be paying $750,000. I’m referring to possibly paying a price per square meter that is 10% or 20% above comparable sales just because there is a ‘long-term tenant’ in place paying 8% net! You need to know where the value point is and ensure you are fully aware of the comparable prices for the property. Don’t become overly focused on the cashflow and lease structure. Paying too much for a commercial property locks up your funds in a more rigid way than residential real estate. Banks are far more reluctant to provide equity releases or cash outs for commercial investing. Do know your property and know the market inside and out There’s nothing wrong with being cautious when buying property.

Many new investors sign the dotted line without doing enough research on a commercial property. It takes time, resources and market connections to ensure you understand the full picture. Any field of business requires training and homework and commercial investing is most certainly one of them. Don’t miscalculate cashflow Many successful commercial investors buy, hold and rent out properties for the long term ensuring they have enough cashflow for maintenance and other expenses. The savviest investors allocate their budgets so there is sufficient coverage for expenses like the mortgage, taxes, insurance and advertising costs. When you don’t have enough cashflow your property becomes a liability when it should be an asset. You can no doubt glean from the above dos and don’ts there is a raft of aspects which need to be considered when investing in commercial real estate. But the rewards can be huge, you just need to know your numbers.

VII.

Conclusion:

Whether real estate investors use their properties to generate rental income, or to bide their time until the perfect selling opportunity arises, it's feasible to build out out a robust investment program by paying a relatively small part of a property's total value up front. But as with any investment, there is profit and potential within real estate, whether the overall market is up or down.

VIII.

References:

Ways to get into commercial real estate| livemint. Retrieved from 1 May, 2020 https://www.livemint.com/Money/Z3o9drUrDGjRX9UZ9PhaiM/5-ways-to-get-intocommercial-real-estate.html What Is The Best Type Of Commercial Property To Invest In?| Forbes. Retrieved from 1 May, 2020 https://www.livemint.com/Money/Z3o9drUrDGjRX9UZ9PhaiM/5-ways-to-get-intocommercial-real-estate.html The Most Important Factors for Investing in Real Estate| Investopedia. Retrieved from 1 May, 2020 https://www.investopedia.com/articles/investing/110614/most-important-factors-investingreal-estate.asp

Tips for investing in commercial property| bizcommunity. Retrieved from 1 May, 2020 https://www.bizcommunity.com/Article/196/567/189666.html The dos and don’ts of commercial property investing| Smartcompany. Retrieved from 1 May, 2020 https://www.smartcompany.com.au/industries/property/commercial-property-investing/