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Today we met with Joseph Duran from NewGen hearing to hear about his business and how Co-vid affected it. During this process he managed to open his 3rd location with the help of ICM Group. Joseph and team, we wish you more success and look forward to growing your business together with you!
Looking to grow your business? Team up with the BEST!
Start with the basics! Focus on Finance! Stay tuned for our next video part of this series!
Continuing our buyer education, let's define what you are looking for! Remember to find you the right commercial property we need to know EXACTLY what you need!
To Define:
1. Type of Property
2. Location, Location, Location!
3. Size Requirements
4. Must Haves???
Budgeting for your Commercial Property PURCHASE! The first time that money is going to come out of your account towards your new property will be your Escrow Deposit. The second time that money is going to come out of your account will be to pay for the Property Inspection. The final payment you will make will be the Down Payment and Closing Costs when you actually go to settlement and take possession.
Down Payment and Closing Costs!
Down Payment and Closings Costs, I find these two are the most confusing aspects of the finances so I wanted to give them extra attention here...There are several loan types and each bank has it’s own set of requirements. These are the other costs associated with purchasing outside of the down payment. Some examples include:
1. Prorated Taxes/Utilities - Depending on when you actually settle, you'll pay back the seller for any taxes or utilities that they have already paid into the property.
2. Title Insurance - Every property purchased with a mortgage will require title insurance. They handle the majority of the logistics for compiling the legal documents required to close and provide you with a Title Insurance Policy to protect your ownership in the property for a time period after settlement.
3. Lender Fees - When you obtain a mortgage, fees are paid out to the company that packages all of the financial documents needed to issue the loan.
4. Property Insurance - Often you will pay a portion of your insurance premium for the year upfront at the closing table.
All of these can be estimated by your Lender when obtaining your Preapproval so you can truly understand what your total out-of-pocket cost is going to be at settlement day.
