Resources to hunt for commercial properties

7 Replies

Hi all, I’ve been following Bigger Pockets for quite some time, but finally deciding to make a leap into commercial RE. What are some good resources besides Loopnet when hunting for deals? Mainly interested in sites within 200 miles of Austin, Texas. Any help would be much appreciated! Thanks in advance!

Hi Ali, good deal flow is the one you build through your own custom searches and your connections. If the deal is already on Loopnet, it's been circulating for more than it should be. So, build your sources and flows yourself because later on, the level of funding you will be offered will be directly connected to the quality of the deals you bring to the table. Some good sources to get you started are the FDIC website in your area (look for distressed assets on the balace sheets of commercial and other institutions), and real estate accountants (the ones who do the K1s of your future counterparts). You get the idea, I think. Good luck!

You have to further clarify what you are searching for. Commercial encompasses many specialty asset classes.

A DEAL could mean anything. I have a syndicator that needs an 8 cap on retail but can buy 10 to 15 million in price. Another buyer however is already high income per year 1 million plus and will pay a lo cap rate just to have valuable dirt to hold for decades with estate planning.

So you really need focus with specific criteria to create a strategy.

Originally posted by @Alizain Ali :

Hi all, I’ve been following Bigger Pockets for quite some time, but finally deciding to make a leap into commercial RE. What are some good resources besides Loopnet when hunting for deals? Mainly interested in sites within 200 miles of Austin, Texas. Any help would be much appreciated! Thanks in advance!

CREXI and all the top commercial broker sites.

 

Really appreciate the responses! My family has been in the c-store/gas station business for the past 30 years. I recently got involved in the family business. Our focus at the moment is to find vacant lots (preferably at lighted intersections) on highways or near dense neighborhoods. Once we identify a potential site, we build a site from the ground up.   

@Alizain Ali

A lot of it comes down to networking. You have to join the commercial circles and establish/build relationships with the active folks in the industry. These could be brokers, investors, lenders, attorneys, etc... 

Here's an article that covers commercial MFH, but I think you will find some of it applicable to STR's as well. Best of luck!

https://www.biggerpockets.com/blog/how-to-find-off-market-multifamily-deals

I would contact the best commercial agency you have around. They have the deal flow.  Trying to do it without them with no experience or connections would be challenging. Best to connect with those that can help you succeed . 

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