Investing in commercial real estate in Illinois is a wise move for anyone with financial means and the ambition to build more wealth. Whether you choose a longterm investment for your own use or rent out the property, you need to approach this decision sensibly before you sign an Illinois commercial real estate contract.

Analyze the market before you make an Illinois commercial real estate purchase. Decide on the length of your investment. If you're ready to own longterm and rent the property, you'll be relying on tenants to make your payments. Discuss all these options with a reputable agent who has a Illinois commercial real estate license. Before putting any money toward an Illinois investment property, remember:

1. Look into the economic growth of the area you're interested in. Find out about population, job growth and development.

2. Find out how long other property owners in the area are able to lease their properties. The longer the length of the lease, the better.

3. Decide whether you can make a desirable profit from any piece of Illinois commercial real estate you consider.

Action Steps
The best contacts and resources to help you get it done

Decide the size commercial real estate in IL you're in the market for

The size of property you choose is dependent on what you're capable of maintaining and servicing. You need to be realistic about this because you'll have tenants who depend on you. Your goal is to make them longterm tenants, to ensure you get paid and profit from your investment.

I recommend: Barber Murphy Group represents the largest inventory of Illinois commercial real estate for sale, so find out if they have anything you're interested in. Tenant Advisers represents the interests of tenants who lease commercial real estate Chicago, IL. Find out what tenants expect from a landlord.

Invest in Chicago commercial real estate that requires some work to increase your profits

If you have the skills, time and funds to fix up an investment property, then it might be wise to go that route. The payoff will be greater, but don't overextend your self. Fixing up a property only makes sense if the cost you invest in its maintenance, plus the cost of the property itself, is below market value.

I recommend: LoopNet is a real estate information services provider. It offers a wide selection of real estate products and services. CoStar Group provides an extensive listing of commercial real estate in IL.

Buy foreclosed commercial real estate in Illinois for a big return on your investment

Foreclosed Illinois commercial real estate for sale is a great find, assuming the condition of the property isn't dire. The financial institutions that own foreclosed properties usually attempt to liquidate them as soon as possible. It would be wise, however, to inspect the property prior before you make a final decision.

I recommend: UGL Equis and Heitman are both Illinois commercial real estate brokers that specialize in large corporate spaces.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Meet with your accountant and discuss the pros and cons of purchasing a particular property. Any commercial properties in Illinois you buy should help you meet your investment goals.