Monday, June 29, 2009

Big Money In Commercial Fixer-Uppers!

I just got off the phone with a Minister in SW Houston who's going thru a divorce. He's selling an old run down commercial structure that was once used for as a health care facility. The amazing thing is that he just wants out. He's flexible with price and terms.

This started me to thinking about the vast opportunities available in off the the beaten track commercial property investing. There's more opportunity than there is demand. I wanted to post a few thoughts on how to find these great values.

How do you find these gems?

Just look for yourself. As you're riding around town put 2 + 2 together. I kicked myself for one of the deals that I didn't take action on. I guess it was 3 or 4 years ago when Pastor Joel moved his mega church into the old Houston Summit also know as the Compaq center. I remember driving past there tons of times and noticing this run down commercial complex near to that location. I used to say to myself...."somebody is gonna get rich off that complex." Well guess what? Every commercial property owner in close proximity to Lakewood Church is raking in big buck! The area has changed so drastically that I can't even tell which structure is in the same location as that old run down building. So, look for opportunities where others don't.

Never assume that the distressed property isn't for sale. If you can contact the owner and negotiate a deal before it's listed, you can reap huge rewards.

Some of the places that you can look:

Online services, Realtors, Property Managers, Attorneys and Accountants, Lenders, and as mentioned above...driving around town.

That's all for now gotta go to work! Leave a comment if you want regular updates on this topic. I'm going to discuss some really good stuff.

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