first thing to do is see if the seller will let you tie up their property while you work on your dream.
if its not a high demand property and they have a kick out clause.. that might work.
I can tie up the property for $2500 for 6 months with an option for another 6 months for another $2500. Seller is of the highest character and willing to be patient w me. Which is nice. Just hope I can learn a bunch and have some interested ppl during that 6-12 months making my decision to purch a no brainer.
If you provide the specific details of the property - primarily, #s, any peculiarities (why are you getting such a sweetheart deal) and why you think this is a good investment - I'm sure, more people can chime in and assist.
I have a great relationship w the seller. She is aging and her kids are retiring and not interested in the property. The CRE is not on the market. I’ve been talking w her about this place for a number of years so she’s starting the process w me to possibly avoid realtor fees.
If it’s a great location for retail and you can attract a national investment grade tenant in a build to suit lease for the site then there are companies out there who will partner with you by providing 100% of the equity to partner on the deal.
If this were me and the location were great I would tie the property up, do a demographic study and prepare a short marketing book including traffic counts, household income in 1-3-5 mile rings, aerial shots showing other retailers in the area,ect. Then take this to a trade show like the ICSC or go direct to the real estate reps and brokers for retailers and see how quickly you can get it leased.
Thank you @Derek Carroll I appreciate the great feedback. My gut says that if I can tie it up then the location will bring about a solution.
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