You may want to start direct mailings to the certain kinds of commercial real estate you are pursuing. Finding a distressed seller with a decent property is a lot better than finding a distressed property that needs loads of rehab. You can also start making offers on the MLS based on what cap rate you are looking for.
Its a needle in a haystack but yes they are out there. I just bought a property for $1500 and the seller wanted $24,900 when he started out last year!
I’m pretty new with Commercial Properties. I’m working with a Real Estate Investor who is looking to purchase any type of Commercial Property as long as the cap rate is at least 10%. Do you know where I can go to find such properties? That would be a great help.
Kevin,
There are more and more of these deals coming on the market. I know of an industrial park in PA that is selling at over a 10% cap and know an industrial bldg and land deal in VA for about the same cap.
Posted by brandoncbsre on January 02, 2009 at 01:53:29:
You can start with LoopNet. The thing to keep in mind is that any property can operate at a 10% CAP. You just have to buy it cheap enough. You need to look in the area that he wants to invest in and find the properties that are distressed, either the property itself or the owner.