Any beginner's tips for owning first commercial property
I am entertaining the idea of purchasing a pre-existing business park that has about 8 warehouses (with small office spaces built in), with each warehouse ranging from 3000-15000 sq. ft. All the buildings have tenants with 4 of them being long term.

I currently have no experience with real estate, however the opportunity presented itself and I have the means to purchase. I'm trying to learn as much as possible, but I was hoping that some insight could be shared! (I simply don't know what I don't know).

Any and all info is helpful, even the stuff that may seem obvious. Cheers!
[{"id": "hv77w7e", "text": "Hey man, I\u2019m a developer and lender and I often help people who\u2019s first time it is buying real estate. I\u2019m based in Calabasas (Los Angeles), at Forbix.com I\u2019ll help you take a look at the offer and the current leases to make sure you aren\u2019t getting ripped off at al. Just shoot me a message and we can jump in a calll", "replies": [], "depth": 1}, {"id": "hv7lgya", "text": "Verify all the financials. Sellers lie.\n\nCommercial is often valued based on net operating income (NOI) and cap rate. NOI is *before* debt service (principal &amp; interest). Look at other warehouses/business parks to see what reasonable cap rates are.\n\nYou make your money when you buy, so as long as you do not overpay, you will be fine.\n\nIf the property lines are important, get a survey.\n\nGet estoppels from the tenants.\n\nRead through the leases. Check if they are gross or net. Understand which expenses are the responsibility of the tenant and which expenses are your responsibility as the landlord.\n\nGet a good lawyer to go over the leases with you if you have questions.\n\nPay attention to lease termination dates and to when the loan is term ends/is due. Make sure you understand the TI structure from the existing leases. That will help you get an idea of what is expected. The exact amounts of TI will vary based on whether it is a landlord's market or a tenant's market when the lease was signed.\n\nI am sure there are other things I am forgetting but these are a decent start :)", "replies": [{"id": "hv7oso7", "text": "You have a good list. Definitely review the survey regardless of whether you think the lines matter. You\u2019ll need an ALTA if you have any recorded easements or setbacks. \n\nEstoppel may be harder with these small tenants. Be sure PSA has strong remedies if you don\u2019t receive.", "replies": [{"id": "hv8hyh3", "text": "u/rohde88 Is there a glossary of terms/acronyms somewhere?  I don't know what ALTA or PSA are.  Sorry for my noobness \ud83d\ude0a", "replies": [{"id": "hv8oj13", "text": "ALTA LOI RFP ROFO ROFR PSA RSF USF CA NDA FXL TXL EBITA TI LoC TIA TT LL.\n\nThat's 5 seconds, this industry uses all the acronyms.", "replies": [], "depth": 4}, {"id": "hv9w8ee", "text": "https://www.adventuresincre.com/glossary/\n\nIs a good one. I\u2019m trying to build out their legal section", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hv7wwdm", "text": "* everybody lies. Sometimes a little, sometimes a lot, sometimes just a lie of omission.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hv84vg7", "text": "Get a partner to assist, commercial is not just collecting rent checks", "replies": [], "depth": 1}, {"id": "hv8qsqe", "text": "Lender here. Happy to help if you need some financing advice and/or a quote", "replies": [], "depth": 1}, {"id": "hv9fvuc", "text": "Research your tenants and evaluate the tenure and strength of their business. If the place is a revolving door, either the space is no good - or the types of businesses the space attracts aren\u2019t quality businesses. Your profitability is 100% directly related to the success of the businesses which occupy it.\n\nAlso, check more than LoopNet for neighboring vacancy\u2026it\u2019s not always representative of what\u2019s really available. Have a friend or create a dummy account reach out to some commercial leasing agency\u2019s and see what\u2019s comparable and available in the nearby areas. If there\u2019s an abundance of open places\u2026well it\u2019s less enticing than if there\u2019s virtually zero supply elsewhere.\n\nFinally, definitely, definitely, definitely setup an independent LLC to own and manage the property from.", "replies": [], "depth": 1}, {"id": "hvdmlqr", "text": "Prior to closing:\n\nHave a contractor come look at the buildings\n\nMeet all the tenants / get estoppels\n\nSpeak to the neighbors \n\nMake sure somehow that the seller isn\u2019t withholding any material information e.g. a letter from the government notifying them of pending eminent domain for a new power line\n\nCall real estate tax office verify taxes\n\nCall utility provider\n\nGet an insurance quote because the sellers insurance might be bundled with a much larger portfolio and while his insurance expense is true it is not the insurance expense you might have it\u2019s a much smaller owner\n\nCheck title\n\nGet phase I\n\nAssume you need working capital for everything breaking and half tenants leaving\n\nOtherwise should be good", "replies": [], "depth": 1}]