Waad Nadhir is a commercial real estate developer who has been working in the industry for several years. He is currently the President and Co-Founder of BOSC Realty Advisors, which is known for developing and acquiring commercial properties. Here are three very useful tips for commercial real estate owners to keep in mind as they make their properties profitable.
Development is perhaps the best way to make money from your property, but it can also be the most difficult. Developing your property requires you to consider the financial aspects of the development itself, get the land approved for development before you even begin, as well as construction and building permits as well.
You can also make money from your property by rezoning before you develop. Sometimes land is zoned for a particular purpose or reason, but can be rezoned later on down the road. Waad Nadhir, as a consultant for Steadfast Companies, was able to obtain a Conditional Use Permit in Santa Barbara, California so that the company could develop a senior housing project instead of an office building.
Don’t forget that you can hold your land, and save any changes for when the area becomes more lucrative. If you purchase a commercial property in an area that’s on the rise, it may be more beneficial to wait for the right time to start developing or making any changes. Having patience can be more beneficial than making any developments right after your purchase or lease.
Waad Nadhir understands how to make commercial real estate properties profitable, and he strives to do that for every property his company is involved with.