Hi, im 19 in NYC. i want to buy my first commercial building (apt building 2 b specific) how do i start?

what should i do first? should i get an attorney? register my company? or look for private money? thank you for your time.
In Buying Property - Asked by Bilal M. - Aug 23, 2011
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Adebo F.
New Castle, PA

Good for you. For starters, you need to figure out how much property you can purchase based on the cash you have on hand and your credit worthiness. Talk to your bank or the lender that will be financing the property, and find out what they will expect of you.
You also need to be sure that you have the management wherewithal to manage the property since the biggest challenge most property owners have is managing the property and the staff well, and knowing all the rules in their community in regards to landlord/tenants guidelines. Final actions on your part will be to locate a cash producing property and to be able to analyze the income and expense to be sure that it will fit your profit expectations. This area is very critical, since the last thing you should do is buy something just because you like it and it becomes a sinkhole............Be very careful when analyzing the financials. Good luck.....

Aug 23, 2011
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