At this time we are interested in acquiring the types of properties listed above. In the last few years we divested of apartments, larger office spaces and multi tenant properties. Consequently, we have a large amount of cash at our disposal and are interested in paying all cash and can close in 30 days.
Since we always close with our own money we can close very quickly. We seldom require an outside appraisal and never need a banker's approval. We usually use the closing company recommended by the Listing Agent. Because of that our closings go quick and easy. Our Purchase Agreements always say “and/or assigns” because we have different companies we park them in. We are willing to present the seller with our proof of funds and current ability to pay in cash so they can verify funds before accepting our offer.
We are buyers only for properties that are vacant and in relatively good condition. Smaller towns are generally OK. We are not interested in properties that are fully utilized and priced at retail values. We are willing buyers for what we believe is a fair market value, considering the property's current situation. We don't consider ourselves a wholesale buyer. We are willing to pay fair market value, considering the metrics of a property
We normally engage a bonafide Commercial Property Management Company to secure leases on our properties. Often, we provide a list of immediate prospects. For this we expect them to contact prospects, show the property, secure the application and financials and handle the signing. We pay one full month lease for their service. Our experience is it happens very quickly. Once the lease is secured we use our own accounting company to service the lease and manage the property. We only do NNN leases.
We do not have our own agency. We prefer to purchase through Licensed Commercial Real Estate Agents who have clients that pay them. It is easier for us because they know the property better and fewer people are involved in the relationship. Agents earn a full dual-agency commission paid by the seller.