Hi everyone. I'm very green to RE so its good to be able learn and brainstorm with others. The situation is: I met a guy while working(Non RE related) and he told me he wanted to sell his apartment building(10-15 buildings) but couldn't find anyone who could get financed. I don't have the experience, knowledge or money to do so. But is there a way I can maneuver and still make money without being the buyer? I've read a couple of thing on BP by a couple guys but while what they were saying seemed good; it also seemed too in depth for a newbie and to costly to get the info they were selling. Any ideas and suggestions? Thanks
At best, somebody might give you a referral fee. The seller should just put it on the MLS to get the best price. If somebody can go to them before then, and do thorough due diligence (environmental, financial, building condition), they may be able to get a nice below-market price.
I network with lots of investors and also know some commercial real estate agents. Is it 10-15 buildings or 10-15 units? I'm very interested in this deal, especially if he's willing to owner finance it.
I'm busy all day tomorrow, but would love to discuss it with you in more detail. Part of my strategy is multifamily investing and if the deal is good enough, we can get funding. Do you know how to analyze commercial property?
Let's talk soon. I'm also in Atlanta.
If it is off market and you are talking 10 to 15 buildings instead of units then I have lot's of clients that would look at it.
In commercial real estate it is different than residential. You do not have all these line items restrictions on fees to other parties for putting a deal together.
So it's much easier for you to collect a fee for putting 2 parties together. I wouldn't demand much though as you are new and besides introducing one party to another there is little other value there.
If this is just 10 to 15 units it is too small for most of my clients. I do have some local investors that are looking in the 10 to 20 unit range. I don't focus on that deal size but keep a lookout just in case.
Thanks for the responses. As for as building or units, not sure what the diff is but the seller did say 20k per unit. However, he does have, what looks like over 10 building on property. I'm planning to call and schedule at time to visit the property this week so I'll get more info. And as far as having the ability to analyzing commercial prop, I will have to say, no. Very green to RE.
Philip I'll be calling you later this week. Thanks
Joel I'll keep a look out. Thanks
20k a unit sounds like a very rough area per door if occupied with low rents.
It could be vacant and in a good area which would be a different scenario.
I have buyers for these types of properties, please contact me.
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