Financing Commercial Properties
I have a question for all of the commercial real estate investors here - Since I am relatively new at brokering commercial hard money, where are the best outlets for locating commercial property owners that may need hard/bridge money mortgages? I have experience finding the non-owner residential real estate investors that I get funding for, but need direction on how to locate commercial real estate investors that may need my help. Thanks!
[ Edited by commercialking on Date 03/12/2009 ]
Hey Rob,
You might contact Cherif Medewar founder of the Institute of Commercial Real Estates @(888)294-8276 or check out his website @ The Institute of Commercial Real Estate(fax# 407.206.8566). His students invest in commercial properties and you may entice him to add your services to his list of funders. Hope this info helps!
On second thought make that 99%
Thanks all for the input. Sorry for any advertising.
Hard Money lenders charge higher rates for their money, and because of this it is quite easy to obtain them through direct marketing or networking. Just be prepared to prove that the numbers work, and the deal is solid. Another source I am finding that has available capital is the community banks, who did not get wrapped up in the mortgage crisis or involved with conduit loans.
Why Bulgaria???
Hi,
the situation in Bulgaria is very stable these days. At least after the government of Simeon entered the stage.
[ Edited by anus_lj on Date 08/09/2005 ]
[ Edited by anus_lj on Date 08/09/2005 ][ Edited by NancyChadwick on Date 08/09/2005 ]
And in a recent update, real estate in bulgaria is going completely off the charts.... I am a transplant from Florida to the Dominican Republic, and am in the Real Estate business here. I have several professional associates who work for companies with offices in Bulgaria, and it is complete lunacy there... whoever bought when this post was originally made has likely tripled or quadrupled their investment.
Who could have ever imagined... and I have a client who invested about 50 thousand in the Bulgarian stock market (he is a Bulgarian living in Denmark), and has a portfolio now valued at over 1 million US in less than 3 years, and it is still exploding... he is selling his stocks to buy real estate here in the dominican republic..
I bought an apartment in the capital there two years ago for $17k. I could sell it today for $78k.
Not a bad piece of work there.
The major contributing factors are that the country joined NATO a few years ago and made several agreements with the U.S. and other NATO countries to encourage trade, military bases, etc...
The bigger factor is that Bulgaria entered the European Union this year. It was expected for the last few years and a lot of EU residents have been buying cheap vacation property there.
Bulgaria has a long stretch of the country on the Black Sea which is a major tourist destination and they have some of the best skiing in europe as well.
I am contemplating buying more apartments there, but they are a lot more expensive now than two years ago.
The good news is that real estate is expected to continue trending up in the 9% - 10% range for at least the next few years.
what is the impact of the dollar having plunged in that same time frame?
Here in the Dominican Republic Europeans have been investing for a long time, but only fairly recently have North Americans started buying vacation and investment properties, especially on the north coast and here in the Punta Cana-Bavaro area.
In some areas growth is fairly steady at about 10-12%, but other areas nearby are growing at 20-25% annually, and it does not look to slow down substantially for at least several more years. Baby boomers are driving the economy and the real estate market here.
The fact that the president is ivy league eductated, and the DR has always been very US and Canadian friendly just makes it so much easier, and it is only a short 2-3 hr flight from most areas in the eastern and southeastern US.
We are actually starting to get a lot of investors here now who had looked at Panama and Costa Rica, and decided to pass, but loved it here.
So, my semi-retirement has been postponed as I find myself getting involved at the beginning of a huge land boom as a real estate agent for US based investment groups, digging up commercial and multi-unit opportunities.
As I write this, I have one group from the east coast in negotiations to purchase 22 condominiums in a golf and country club, and lining up the next 3 deals.
I am originally from Bulgaria. I have relatives in the business there. Some are developers(builders), others are brokers and another is in retail real estate. While the boom was pretty good, everything is now down quite a bit. Especially, high-end luxury construction.
I was there in 2007 and everything was going great for developers and any other kind of construction. At that point construction was the largest legal sector in the country.
The economy is now down, all kinds of related commercial real estate is down. I would focus on the larger metro areas that have had the growth - Sofia, Varna, Bourgas, Plovdiv (more recently). Each has a large enough population and economic activity to capture future growth. Stay away from the smaller places that are away from those metro areas. Urbanization has accelerated in the past 15 years. With some right due dilligence you will be able to find good deals now.
There are funds out there that buy dirty properties.
How much did you pay for the tax lien?
Let me know what you think. I might partner with you on this.