Commercial Property For Sale - Seeking Guidance
My background is residential investing (BRRRR). I recently stumbled upon a commercial property in my local market which is not on the MLS, but which the owner expressed an interest in selling. I made what I thought was a low but fair offer and the owner didn't take it. I mentioned I might be able to help find a buyer, so the owner and I proceeded to work out a handshake agreement with regard to a finder fee of sorts should I find a buyer for her.
I realize I'm treading in wholesaler territory, however I don't believe the ask price is a wholesale price. I've mentioned the property to my investor friends and also my local realtor partner, who agreed to split the finder fee 50/50 with me if he can find a buyer. My friends have all passed on the opportunity.
My local market is very competitive at the moment, so I feel like there is some value in the fact that this is a potential off-MLS deal, though not a true wholesale deal. I'm reaching out to this community to ask for guidance on what to do with this opportunity. I'm pretty new to commercial, so not very well-connected yet with commercial investors. I did approach one commercial investor who I know pretty well to partner on the deal before I made my offer, but the lot isn't big enough for him.
I'm purposefully trying not to use this forum post as an ad for the property, but is there a place on BP where I can post the details for this property for sale or alternatively seek to partner with a local commercial investor? The property seems like a prime redevelopment site in a great location in my opinion, but I don't yet have redevelopment experience. Btw, I love the BP podcast and it got me thinking about a wholesale-type deal for this property.
Do I have something here that I can market as a wholesale-type deal or should I walk away?
Appreciate any guidance you can share. I know there is a wealth of knowledge in this community.
Adam
Adam,
It really would depend on the property/project. I would recommend finding some local players in the space you think this commercial project fits or would fit as a redevelopment - ie. is this currently an apartment complex? Who are the local apartment operators/investors? - Reach out to them. For redevelopment, what is zoned in this area? Who builds for that zoning in your area? - Reach out to them.
It seems less like you are treading in wholesale territory as much as you are treading in real estate broker activity as I read your situation as you acting as a listing agent of sorts for the seller.
Josh