would you guys order an appraisal on a commercial property before putting in an offer ? i think it’s good in a way that you know you wont overpay for it even though it costs 4-5k…
Make the contract contingent upon appraisal…
Any time you’re doing real estate investing, you want to save your money spending activities until after you have the property under contract (for example, appraisal, home inspection, etc).
It would be a shame to spend any amount of money, only to find out that either the property has been put under contract with another buyer or they don’t accept your price.
That is the beauty of contingencies. In commercial real estate, sellers are particularly familiar with and expect to see multiple contingencies. You’re essentially purchasing a business - not only do you need to know the value of the property, you need to know the condition of the property, the financial stability of the property (i.e. tenants, leases, operating statements, etc).
Make your best estimate based on the information available to you, make your offer with your contingencies (subject to’s) and take it from there.
Good luck with your deal!!
thanks for your inputs!!!