Vacant Small Commercial Building in High Traffic Area. Wholesale?
I spotted a small shop that appeared to be vacant. Did some research and found out the whole company went out of business after 50 years. This is a very high traffic area and would make a great location for another business. I did research and found out that it was purchased in the 80's for about half of what it's worth now and there's no sign of refinancing along the way but also no release yet on the original mortgage. I have the address of the owner and plan to send him a letter or door knock his door and talk face to face. I see an opportunity but want to educate myself before jumping in.
My main question is, how does wholesaling Commercial Real Estate (in this case a small shop/garage) differ from wholesaling Residential Real Estate? Do the contracts need additional language?
Also, can I put this under contract and have a commercial broker bring the buyer and pay them a %?
Thank you,
-Justin