Commerical Short Sales?

Question

Hi I have been flipping residential short sales for quite some time now.  I am interested in making a transition into doing commercial short sales.

Can anyone recommend a good course or mentor that they have used?

Thank You
Michelle

Bill Gulley · Answer

Matt has great advice there. DOn't bite off more than you can chew. Here is what can happen....you bring in a deal that you know nothing about in a commercial arena, for example a resturant that is failing. If you mess it up in front of the bankers, not familiar with the business type, UCC filings, etc. you have desert on your face and that bank will write you off, never to deal with them again. So pick your battles carefully. Commercial dirt is a little harder for most people to wrap their heads around, business failures and abilities to modify a commercial deal is a giant leap forward for most people. Just remember your reputation. Frankly, I cant't see this being taught by any Guru or "education company/school" depends on what they specialize in I guess, like apartments, I can see that, I cn't see motels or any going concerns. Good luck, Bill

Bryan Hancock · Answer

Ray Alcorn's Dealmakers Guide to Commercial Real Estate course is great from what I have heard.  I am not sure if he covers short sales, but I am sure you can look through the table of contents to find out.

Bill Gulley · Answer

Hi, well I have a very strange one for you, it began as a divorce, court ordered the sale and it is now a short sale, closing on it next week. The seller will be a business partner/tenant, equipment purchsed and leased back with a full release from the original lender on the equipment and leases modified with existing tenants. Even got to do some remodeling prior to close and the permits were a real ordeal in the Ft.Worth area.

Something like that what you had in mind?  Good luck, Bill.

Dan Koch · Answer

I am willing to look at any commercial deal that you would like to partner on. I have a lot of pieces in place and have been successful on several commercial short sales.

HAZEL DAWSON · Answer

I am wanting to learn more about commercial short sales in the western U.S. - particularly Arizona & Nevada.  I have been listening to lots of webinars and trying to sort through the maze of information, everything from DC Fawcett, Phil Grove, Nouveau Riche to the Commercial Training Institute.  I am willing to partner up with someone to learn and process the short sales to finding the new buyers.
Anyone have suggestions regarding the training available?

Michelle Kasper · Answer

Hi Matt, thanks for your reply!  I will definetely take a look at that site.

Matt Mathews · Answer

First of all you need to determine what type of commercial prop. you are interested in.  Why?  Because the learning curve is quite different when you talk about a 6 unit apartment complex vs a office building, or retail store etc.  Pick one first.  Since you have been doing single family homes, you may want to move into Small to mid size apartments.  An excellent educ.site/mentor is Investortours.com.  The company is located in TX.  Your neck of the woods.  Great info and Educ.

Commerical Short Sales?

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