I got a commercial lead... what do I do?

7 Replies

I sent my first round of letters out a couple of days ago and I've started to receive a response which is amazing!! The only problem is that I got a lead for a commercial building. I have no clue what to do with this lead. I don't want to throw it out because it may be a good lead but my letter was tailored to single-family residences. HELP!

Ask details about the building! Who are the current tenants, how much time is left on their leases, what their current lease rates are, why the current owner wants to sell, and other things like that. Probing questions to infer whether there's upside for a potential buyer to bring in new tenants at a higher rate.

This book would be great to help you understand how commercial real estate is valued.

Is the property in Tucson?

Once you determine if there is a deal there you can get it under contract and shop it around to investors that do commercial. You can find them through REI meetups, Facebook groups, craigslist etc.