Where have you been successful in locating CRE props?

[Candice T.]

Hi Community, where have you been successful in locating off-market CRE props for sale? The market seems tight and the on-market selection is doesn't meet investment model. I invite input, thanks.

[Abhi Acharya]

Establishing and nurturing broker's relationships. 8 out of 9 CRE we closed in last 12 months were off market transactions.

[Candice T.]

[Candice T.]

Quote from @Abhi Acharya:

Establishing and nurturing broker's relationships. 8 out of 9 CRE we closed in last 12 months were off market transactions.

Steady action taken daily, thanks

[Henry Clark]

What type of properties and what is your financial targets?  

What type of properties are you currently in?  

[Candice T.]

Quote from @Henry Clark:

What type of properties and what is your financial targets?  

What type of properties are you currently in?  

Thanks for the reply. Parameters include: large multi-family (50+) in the Columbus, Ohio area, 50k/unit or under, unconcerned about current cap rate, redevelopment yes but not looking for joint ventures.

[Henry Clark]

With that info 

Recommend you make your deals.

1.  Use google search for apartments. Then look at google earth to look at them. Make a list.    
2.  Use tax GIS map and info to find owners and size square footage.    Down at the bottom will be other PIDs they own.  Check those out. 
3.   Develop a solution package.   Don’t just say you want to buy.  Be open to supporting 1031, owner financing, multi year phased purchase, retaining them for a year, putting down deposits for options to buy, whatever else helps them.  
4.    Only talk with the owners.  Talk with them every 6 months.  Ask them about properties.  No letters, no emails, no robo calls.  Personal contact.
5.  Make them actual offers. Subject to due diligence.  Do your home work.   

Make your deals.  Life will happen for these owners.  

[Candice T.]

Quote from @Henry Clark:

With that info 

Recommend you make your deals.

1.  Use google search for apartments. Then look at google earth to look at them. Make a list.    
2.  Use tax GIS map and info to find owners and size square footage.    Down at the bottom will be other PIDs they own.  Check those out. 
3.   Develop a solution package.   Don’t just say you want to buy.  Be open to supporting 1031, owner financing, multi year phased purchase, retaining them for a year, putting down deposits for options to buy, whatever else helps them.  
4.    Only talk with the owners.  Talk with them every 6 months.  Ask them about properties.  No letters, no emails, no robo calls.  Personal contact.
5.  Make them actual offers. Subject to due diligence.  Do your home work.   

Make your deals.  Life will happen for these owners.  

 Thank you for the formula. I will explore!

[Ronald Rohde]

Cold call directly. Thats what we do, mailers, texts, emails. Rank all the properties, give a metric score and start at the top.

You have narrow enough parameters, make a list of every single MF , it can't be more than a hundred...exclude recent sales, etc.

[Candice T.]

Quote from @Ronald Rohde:

Cold call directly. Thats what we do, mailers, texts, emails. Rank all the properties, give a metric score and start at the top.

You have narrow enough parameters, make a list of every single MF , it can't be more than a hundred...exclude recent sales, etc.

 Thanks. Where do you source your list?

[Henry Clark]

Use the BO lookup.  There was a person about two months ago who can generate GIS lists.  Ask him for a paid list.  Set your parameters. Town, zip code or not, appraised value. Square footage, etc. owner name and address,  last sales date, etc. Other PIDS. 

[Ronald Rohde]

Quote from @Candice T.:

Quote from @Ronald Rohde:

Cold call directly. Thats what we do, mailers, texts, emails. Rank all the properties, give a metric score and start at the top.

You have narrow enough parameters, make a list of every single MF , it can't be more than a hundred...exclude recent sales, etc.

 Thanks. Where do you source your list?

 Google. literally start from google maps combined with CAD records to find actual square footage, zoning etc. 

[Josh Shaughnessy]

Start calling and having conversations with owners. See if they're interested in selling or would entertain an offer if one came in (almost all will at least look at one). Ask about their properties/expectations/what they're seeing in the market; it could be that your/your client's expectations are just unrealistic in that market.