California Attorney and Real Estate Broker Chris Adishian answers the question, “I just purchased a commercial property, now what do I do?” at the South Bay Association of Realtors’ event, “Commercial Attorney Panel-Hot Legal Issues for Commercial Real Estate” on March 5, 2014.
Question: “First question is: ‘I purchased a commercial property. What do I do now?’”
Answer: “Well the first thing is that generally it’s a great thing that you’re able to buy some real estate, particularly if it’s in a good area. Most people do that as a means of diversification if they’ve had a successful career or a successful business early in their career and they want to have a revenue stream that’s not tied to their business or their earnings, or maybe even for retirement; so it’s a good move.
Then the question is how are you going to relate to that investment? Do you want to learn how to replace toilet seats and do wiring and electricity and repair roofs? Or do you want to hire someone to do it for you? And I will say that either one’s okay. It really just depends on what you want as an experience. And the other factor though is that you’ve got make sure that you know how to operate the property, otherwise it can be quite expensive and potentially a bad investment, when it should be a good investment if well managed.”
Adishian Law Group is a California law firm with a statewide practice in the areas of Corporate law, Employment law, Real Estate law and Mediation Services. Adishianlaw.com is one of the oldest continually operating law firm websites on the Internet. The firm serves its clientele via three offices located in the major business hubs of El Segundo, Palo Alto and San Francisco. As of March 2013, Adishian Law Group, P.C. has represented individual and corporate clients located across 20 California counties, 4 States outside of California and 9 foreign countries — in over 340 legal matters.
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