what would you with UNREASONABLE listings, that interests you?
hi BP
Your thoughts.
Ever since I move here, I've been eyeing a bunch of commercial real estate Buildings, and learnt it was owned by 1 guy.
Before I was a Realtor, I always thought, one day when this guy decides to liquidate I would like just one of his many units, 3 story buildings on main drag with ample parking.
When I became a Realtor, he started to put 1 or 2 on market, on and off. All overpriced. I started getting Intel from agents and his tenants.
I quickly learnt he doesn't maintain his buildings "well", and has a bad rep as landlord.
Last year there were vacancies, FOR RENT signs popped up like wildflower. He was kicking his tenants out. His reasoning was VACANT COMMERCIAL SELLS BETTER!
OK?
He wants $1-3M for his units....OK? for argument sake, its overpriced. our area isn't as developed. There is no comps, bc besides Walmart and lowes, target big box ($1M then) , it just him. All the other building are smaller 3-5 units investors like me. (150-$800k) the 800k is in another township.. Not much activity on this township
-------
So this week, HE PUTS 5 on the market. $1M or $3M.. At about 50% tenanted, and know that most are month to month.
My Intel tells me he has EVERY VOILATION UNDER THE SUN. Hahaha, I'm not surprised
-------
He just listed.. So not a good time to approach him....
My feeling is he has owned it for at least 20 yrs+ and if my feeling is correct, its time to do flat roofs and mechanics on all of them. Maybe the rush to sell?
I know his electrical is no good (Intel)
--------
How would u approach this...
Me thinking let him sit for a few years... And then see... Some of his listing has only sat for 2 yrs...
But this is first time he put almost all on mkt