I have sort of had a revelation – it is time to buy a building. (or two)
Being in real estate – interesting prospects hit my radar regularly. NOW – with that being said – these deals that are "interesting" and passing my desk – most of them are S***T or are good for people doing 1031s. (A way to defer your capital gain taxes when you sell a commercial property) Most of these prospects boast Cap Rates are too aggressive or the market rents are out of line – something! BUT – recently – there are two buildings that have hit this radar that I want a piece of and since I can't seem to buy a house – buying buildings will have to do! SO – we are going to start on an adventure together – it is time to buy some commercial property and I am going to show all of you that it is not that scary. (Even in this economy.)
Step 1: Identify a prospect. (Done)
If the property in question has a phone number attached – call. If not – finding who to start a conversation with about the property requires you to do your homework – there are a couple sites that can help you find people.
A. County GIS Sites/ Auditors Websites: Once you know the county – google the county tax maps to get info.
B. White Pages: Anywho (My Favorite white page)
C. Ohio Secretary of State: Look under their Business Filings (you can put in the business name on the sign and/ or what you found on the GIS and get the owner – it is sometimes listed under Agent. (Sometimes it is the attorney – so – you need to be thoughtful when you call.)
If you can't find them at one of these three sites – sorry – you will have to advance your detective skills to asking around. With regards to the building I like – I know my target. It is time to aim and fire. Next step: Questions/ Assessments.
(On a personal note - a quick hello to my friend MT – Hola!!! Thank you for being a dedicated reader!! )
