I Have My First Property Under Contract, NOW WHAT?
What is the next step for me? It took me almost 8 months to get this first deal. Now what is my next step? Are commercial deals pretty much about the same as the sfh & multi's to get flipped? Are there as many investors for commercial properties as there are for the sfh's? I have so many ?'s but I want to keep this short so it won't get mistaken for a book.
Thank you 
What do you mean what is my next step. You shouldn't be signing up anything without know your exit strategy. I don't know anything about your deal so it is hard to comment. Is it SFH or commercial you signed up. A little more details and someone here may be able to help you.
Tom
Thank you for your response. The deal is this. One of my bird dogs intro'd me to this guy who owns a store. Convenience store near Fair Park in Dallas, TX. He wants to retire so I talk him down from $180-$200k all the way down to $100k cash purchase and he'll walk away. I have negotiated on sfh's and nothing ever came thru-but this commercial property did. I checked the tax forms and his income from this convenience store averages out to around $30-$34k per month--The area is very busy especially during fair time in dallas. So what info I was reaching for was is my exit strategy still the same as for a sfh? He is very motivated to sell this store and does not want to list it with a realtor. I saw it as a very good deal and did not want to let it pass because I am unsure of which way exactly to go. I want to flip this to someone who wants to purchase a store & either run it or sell it (whatever). Is my marketing the same? Any ideas or advice appreciated.
Post an ad in the paper and in any commercial business publications. Same idea as a SFH. Just make sure you can justify all the numbers to a potential buyer. The deal may have sounded too good to pass up to you, but it may not look good to a seasoned commercial investor. Just out of curiosity, why did he (seller) give up 80-100K in the deal?
Thank you for responding with some suggestions for me. I asked him if I could get him all cash what is the least amt he would take. He told me $135k. I asked if I could get him $100k by the end of November 2003 would that be acceptable. He agreed to it. I agreed to it. I got some important info from him and I had afriend of mine go over some stuff with me and we decided it was definitely a good deal. I will be contacting Dallas News, Green Sheet and the Ft Worth paper on tomorrow. Again thanks.
It's not how much he makes it's how much he keeps.
"his income from this convenience store averages out to around $30-$34k"
I assume that this is gross. What is the NOI??? If the NOI is only $500 you're getting taken bad, even if he came down from $1,000,000