Читать книгу Commercial Real Estate Investing For Dummies - Peter Harris - Страница 89

Once you’ve gotten your feet wet by wholesaling a few commercial properties you’re likely to wonder, “Why am I giving these away when I could be keeping the entire deal for myself?” The good news is that getting started by wholesaling to others provides you with great practice at finding good deals. You can then use the wholesaling fees you’ve made for earnest deposits and down payments when buying commercial properties for yourself. So where do you go from here?

In addition to continuing to look for properties to wholesale or to keep for yourself, start networking with other wholesalers and let them know you’re looking to purchase commercial properties that have an upside.

Bob, one of our mentees, met Mike about a year ago in a Facebook wholesaling group. Mike found a few single-family homes and wholesaled them to Bob at a price that allowed Bob to make a nice profit on each one. Now that he’s moved up to commercial real estate investing, Bob makes a habit of letting everyone he talks to know that he’s looking for commercial properties.

Mike said he’d found a 40-unit apartment building and had it under contract at a great price. It was owned by a non-profit corporation that had owned it for three years and they wanted to get rid of it. Mike arranged a conference call with the owners and Bob discovered this was a mixed-use property with 40 apartments plus 3 retail storefronts, located about 100 miles from his home in Oregon.

Mike assigned his position in the purchase contract over to Bob. This gives Bob the ability to buy the property (which is worth $3.1 million) for a total of $2.5 million. In this case, we helped Bob structure the deal where Mike gets paid $200,000 as his wholesaling fee from the closing.

Some investors might question paying $200,000 as a wholesaling fee. After all, Mike hasn’t put much effort into earning that fee, right? The answer is that we look at the total cost of the property to see if it makes sense or not. In this case, after accounting for Mike’s $200,000 wholesaling fee, Bob’s total purchase price is $2.5 million, and the property is worth $3.1 million. After increasing the rents to market rates, the property will be worth considerably more.

Mike has followed most of the steps in this chapter to make a nice wholesaling profit of $200,000 on his first commercial deal. And since this is Bob’s first commercial property, he’s earned the Key Award. This is an award that Peter Conti gives to his clients to celebrate getting their first commercial deal. Getting your first commercial property may feel like it’s the hardest, but it unlocks the key to your future success with commercial real estate.