Without doubt, the ICI market is much more complex than the residential one happens to be and, in my view, the more informed you are as you approach it, the better your chances of not ending up with any surprises.
In turn, if part of my job is to both steer you in the right direction and stop you from going in a wrong one, I don't think it does any harm to make sure that, as the saying goes, we're both on the same page -- or, perhaps more particularly, in general agreement on several factors that have an impact on your (successful) involvement in the ICI market.
You can read about them if you click on the relevant links in the left hand column (or at the foot) of this page. You can do this in whatever order makes sense to you, but, in summary, they amount to (relatively) short discussions of the following topics:
-- The ICI market: understanding how it differs from the residential one.
-- Ensuring value: how to appraise property; how to avoid paying more than you ought to do.
-- Double checking: exercising due diligence; knowing what questions you need to ask; how to get at the truth.
-- Financing: how to pay for an acquisition; what lenders will (and won't) do; how to find them; how to get them to do what you want.
-- Taxation: how you can (legally) take advantage of the regulations; what you need to be aware of.
-- Commission: who really pays it; the growing practice of a direct payment to the buyer's agent.
-- Documentation: processing the transaction; forms commonly associated with a non-residential transaction.
Searching the Web
Despite the wealth of information contained on the Web, it includes very little related to the topics I've chosen to discuss. Certainly, there's no particular shortage of commercial agent websites, but their focus is invariably on what properties are available or being sought. Rarely will you find information about How To Sell or How To Buy, topics that are frequently considered in residential agent websites. To some degree, there seems to be an assumption that would-be sellers and buyers of commercial properties already know what needs to be known. What gaps in knowledge do exist will be filled only if a prospective client raises them in discussion with any commercial agent they contact.
This is my personal opinion, of course, but it adds to my reason for drawing on my own understanding and experience regarding each of the links you can reach.
Nevertheless, I have come across one or two information sources that I consider to be useful and I accordingly mention them at appropriate points.
As one example, there's an article that deals with the idea of acquiring income properties. Written by a member of one of Niagara's main law firms, it focuses on the pluses and minuses of being/becoming landlord and can be found at http://www.lbwlawyers.com/publications/soyouwantotbealandlord.asp In several regards, it reflects my own general advice to clients -- the sense of Making Haste Slowly.
Any questions? Something not clear? Need more information?
Please feel free to contact me:
Phone: (905) 468-3154 / Cellular: (905) 704-9037
e-mail: ebb@iciniagara.com
Or use the feedback form on the Contact Me page.
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