I’d like to thank Rob Rodriguez, CCIM, MBA and all of the other amazing members of Southside First Economic Development Council for inviting me to speak at their “Finding and Buying You First Commercial Property” panel. There was some great information presented by all of the panel members for small businesses looking to buy their first commercial property. Cyra Trevino with Verde Commercial Real Estate Group, LLC provided some great tips on looking for the property that is right for you, and Marcello Martinez from 1718 Architecture did a great job providing insights on how to approach building your first commercial property.
One of my favorite questions asked at this panel was “What must a business owner contemplate when purchasing a building absolutely get right?”
The top three things that I talked about in the panel to answer this question were:
1. Pulling your credit report.
Knowing what is on your credit report will give you confidence when presenting yourself to a bank. Once you know what inquiries are on your report, you will not have to deal with any surprises when applying for a loan!
2. Get your books in order.
Having a CPA or Bookkeeper is essential in accurately completing your financial statements. These are the key documents that the bank uses to determine if you can afford the loan.
3. Present yourself and your business in a written business description.
This description should include who you are, what you sell, and the history of your business; how you got started, where you are now, and where you hope to be in the future.
In case you missed it, I have included the recording of the panel below. Here, the other panel members and I go into much more detail about these questions and many others!
I look forward to participating in more discussions like these in the future. If you have any further questions about preparing for a bank loan, please feel free to reach out to me directly.
If you would like to see if your business is ready to apply for a business loan, take our 15 Question Banker Assessment now.