Читать книгу Commercial Real Estate Investing For Dummies - Peter Harris - Страница 50

One of the biggest lessons to learn when you start looking at commercial properties to invest in is that sellers tend to under report their expenses. The reason for this is simple. If the expenses are lower, this increases the net operating income, which results in a higher property valuation.

In some situations a seller’s expenses are lower for a valid reason. For example, the owner may personally manage the property and do the maintenance and repairs themselves. In this case, although the owner might be providing “real” numbers, your costs to run the property would be higher assuming that you’re going to hire professional management and maintenance staff.

We recommend that you hire professional management and a maintenance staff to take care of your property. You won’t get wealthy doing low-level work that you can hire specialists to do for you.

To see how this issue could affect you, take a look at this example: if the expenses are under reported by just $10,000, and we’re using a .07 cap rate, then the property valuation is going to be off by $142,857 (in the seller’s favor). That’s quite a difference.