Investing in real estate can be a great way to grow your wealth. If you don't want to deal with the hassle of managing residential properties, you can invest in commercial real estate instead. Finding the money to begin amassing properties can sometimes be a challenge.

Here are three creative ways you can finance your next commercial real estate purchase.

1. Assume the payments on an existing commercial property loan.

If you don't have the money for a down payment, you can still invest in commercial real estate by finding a seller that is willing to let you assume the payments on their existing loan. There are many reasons why a seller might be looking to sell a property quickly.

Financial problems, a move to a new area, or family disputes could all motivate a seller to get rid of his or her commercial property as quickly as possible. By assuming the payments on the existing loan, you eliminate the need to come up with a large sum of money for a down payment and can score commercial properties at an affordable price.

2. Sign a lease option agreement with the owner of a commercial property.

Lease options can be an excellent way to determine if investing in commercial real estate is the right choice for you. A lease option allows you to rent a property for a specified period of time, with a portion of your rental payments going toward the purchase price of the property.

Once the lease expires, you can pay off the balance of the purchase price, or simply walk away from the investment. In addition to helping you put off coming up with a large sum of money, lease options help you test whether or not a specific property will be a sound investment prior to completing the purchase.

3. Apply for a private mortgage to finance your commercial real estate purchase.

Some new investors experience difficulty getting approved for a traditional mortgage. If you have been turned down by your bank or credit union, you may be able to finance your commercial real estate purchase with the help of a private mortgage.

These types of loans are issued by private individuals or entities, so the approval criteria are more flexible than the criteria associated with a traditional real estate loan. Opting to acquire financing through a private mortgage could help you establish the credit you need to qualify for a traditional mortgage on your next commercial property purchase.

Finding creative ways to finance a commercial real estate purchase will help you more easily become an investor in the future. If you'd like to learn more, contact companies like NAI Norris Beggs & Simpson.