Pam Goodwin, a 30 year veteran in commercial real estate, mentors novice Shelby Beckman by revealing the 4 step you can take today to get started in commercial real estate. Shelby Beckman, a residential realtor with one year experience, wants to be a commercial real estate investor/developer. Pam Goodwin, a 30 year veteran in commercial real estate, wants to teach her how. Each week Pam shares her immense knowledge and issues actionable homework assignments that will take Shelby from a novice real estate agent to a confident commercial real estate investor and developer.
In this episode, Pam lays out 4 things that you can do today to start your career in Commercial Real Estate.
1. Get new business cards stating that you’re a real estate investor/developer.
2. Update your Linked In profile to reflect that you are a real estate investor/developer.
3. Make a list of everyone you know. For example, the dry cleaner, doctor, dentist, gym, favorite restaurant, attorney, CPA. All of these people/places are potential commercial prospects.
4. Look for a potential commercial property every day, and research it. If you have a residential real estate license, you can sell commercial properties and do brokered deals. However, you do not need a license to buy or develop commercial properties. In fact, Pam advises against having a real estate license if you are just going to invest and develop. You avoid the liability that comes with the license.
Also, finding the money is the easiest part of the deal as cities are fighting for unique commercial developments such as restaurants and retail stores, and investors are always looking for investments. In commercial real estate, it is essential to specialize in one of the many commercial types: Healthcare [Medical Centers, Hospitals, Nursing Homes], Industrial (Heavy Manufacturing, Warehouses), Leisure (Hotels, Restaurants, Sports Facilities)-Multifamily (Apartments), Office (Office Buildings), Retail (Shopping Malls, Stores), Special Purpose (Miscellaneous)If you are the specialist in that commercial type, the companies in that field will seek you out. So how do you find that first deal? With your new business card that you have given to everyone on the list you made, and by looking for and researching at least one potential commercial property every day, you will likely get at least one lead.
As this show progresses, Shelby will be completing Pam’s assignments, and they will assess her actions on the next show. The ultimate goal is for Shelby to close on a commercial property within 3 months.
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