I consider it cheap insurance to have the building your purchasing be field measured and verify the square footage, if applicable. Many times, sellers will overstate the building square footage either inadvertently or on purpose. It’s relatively inexpensive to have it professionally measured and documented. That way there’s no questions about it. At the very…
Read MoreYou want to make sure that you have a good tracking program in place to keep track of all the requests for information, back-up receipts and documents and everything else you need to keep track of from the seller. The best way to do that is through email. That way you’ll have a paper trail…
Read MoreIt’s important that you visit the property at various times while conducting due diligence. I don’t mean just at the physical inspections. I’m talking about: early in the morning; mid-morning; noon; afternoon; early evening when tenants are leaving or arriving home; late at night and weekends. You’ll find the property operates differently at different times…
Read MoreInterviewing all vendors and contractors related to a property of interest will be a tremendous source of information. You’ll learn about the property’s physical and mechanical issues, maintenance and more. If they believe you may be their new client, they will usually tell you all about the issues and problems they’ve been working on with…
Read MoreThis is the single best source of information you’ll be able to tap into on any leased investment, so do not pass up this opportunity. Be leery of any seller who refuses to allow you to conduct tenant interviews. They’re most likely trying to hide something. Story: I once interviewed a tenant who told me…
Read MoreAbout the Author
Brian Hennessey
Brian Hennessey has been in the commercial real estate industry for over 30 years as: a commercial broker, Senior Vice President of Acquisitions and Dispositions for a major US investment company, and has run his own real estate syndication/asset management company. He has represented a number of Fortune 500 Tenants including Bank of America, The Walt Disney Company and Baxter Healthcare.
With over 12 million square feet of purchase and sale, as well as lease transactions across the U.S. and more than 2 Billion in transactions under his belt... Brian has built a bullet-proof system for "Failure Proofing" commercial real estate acquisitions. If you're ready to take your investments to the next level, then you should schedule a quick call with Brian. It could end up being one of the most profitable real estate calls you make.
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