Some Lesser Known Tips About Finding Success In Commercial Real Estate Investments

Many of the world’s top billionaires today found their fortune and success in real estate investments. They were able to grow their companies and their money substantially through their various property investments and land development project.

Real estate investments, whether commercial or residential, can really be the key to amassing fortune and wealth. Unfortunately, not all people will succeed in this cut-throat and highly volatile industry. However, with the right information, education, training and tips, interested and first time property investors can find success in this lucrative market.

Knowing and following certain tried-and-tested but not too popular commercial property investment tips can help first time investors find success in their first undertaking in the real estate business. These tips are shared by and vouched for by seasoned commercial real estate investors. Some of these helpful and effective investment tips are the following:

• Take your time with the whole commercial property investment process. Generally, commercial deals take longer than residential investments. This is because they take longer to purchase and get sold. You need to bear this important fact in mind so that you don’t get impatient or rush into a bad decision. As a general tip, consider commercial deals as big bonuses or your retirement vehicle and not a way to get quick regular cash to pay the bills.

• Go big. If you need commercial financing to buy a 5-unit apartment, which is already a hassle, go big and invest in properties with at least 10 units. Seasoned real estate consultants say that the more units you buy, the cheaper they are per unit. In time, you will also find that getting a bigger property with more units wouldn’t be as hard as managing a smaller one.

• Don’t immediately invest in an apartment. Consider the other types of commercial property as well, such as office buildings, industrial, mobile home parks, and land properties. Weigh the pros and cons of owning and managing all of these property types and choose your own niche based on whatever you think (and feel) will help you reach your personal goals, irrespective of your comfort zone.

• Lastly, find good financing in due time. Commercial loans are also different from residential loans. Many finance experts say that they are in some ways better. The down payments required usually have a higher percentage than loans on residential properties. This means you’ll have to put more down money for this investment. However, there is often no personal liability if a deal goes awry and you will find that banks or lending institutions are more lenient about letting you borrow the down payment money from someone else. But before making any offers, find out who the best lenders are in your area to use when buying commercial properties, since this will spell the big difference between qualifying for a loan or not.

Bad Credit Car Loan Tips for Consumers

You have just received a response from an auto loan company that your application has been declined. According to the lending officer, your loan proposal has been rejected because of your bad credit history or low credit score. The lending company you submitted your car loan application to only accepts customers with good credit rating and obviously, you did not meet the lender’s criteria. What can you do?

Subprime Car Loans for People with Bad Credit

If your credit score is below average, then you fall into the subprime category. Does that mean you cannot get the car financing you need? Not at all! Many lending companies in the market do offer financing for the subprime market or consumers who are credit challenged. Even with bad credit, you can still get approved for a car loan but you need to find the right lender.

Do subprime car loans mean high rates and fees? Because of the greater risk involved, lenders may charge a little more on interest rate for this type of loan. But that does not mean you should settle for an unreasonably high rate or unfair terms. Even though you need to improve your personal credit score, you still deserve fair treatment.

Car Loan Tips for Consumers with Bad Credit

How can you get approved for a car loan if you have bad credit? More importantly, how can you find a car loan lender that offers a reasonable rate despite having bad credit? Consider the following tips:

Check out credit unions. It’s a good idea to check out your local credit unions for possible car loan financing programs. Credit unions are more likely to offer a much lower rate than what commercial lending companies offer even for consumers with bad credit history.

Check your credit report. If you’ve been denied financing because of your credit rating, you should immediately check your credit report. Order your report from each of the three major credit bureaus – Trans Union, Experian and Equifax.

See if there are errors or misinformation which could have caused your score to drop even more. If you do find errors, send a letter to the bureau that issued your report and request for corrections. Once the errors have been corrected, you might be able to raise your credit score significantly.

Watch out for predatory car dealers. Some car dealers that offer financing deals are after only one thing – making sales and making profit. You might be offered an attractive deal and easy approval despite your bad credit but once you signed up the contract, you might be informed that you did not qualify for the low rate because your credit score. You might end up paying an expensive loan because you’ve been ripped off by an unscrupulous car dealer.

Shop around and compare deals. In order to make sure that you’ve found a good deal, you should gather quotes from at least three to five lenders and compare the rates and fees. Use the internet to request for quotes for free. Use these quotes to narrow down your choices. Afterwards, be prepared to examine the background, terms and conditions of each prospective car loan lender.