Realtor · Providence, RI · Member since 2016 · 32 posts · 26 votes
Hey BP!
I am an agent (and investor) in Rhode Island. I have a client who needs a very specific type of building. He sells classic cars and needs a 20,000+ sq ft building to store his inventory in or near Smithfield Rhode Island. I began to search the MLS and have sent him some properties close to his specifications. He replied with "I know everything that's out there. Find me something I haven't seen." Now I'm thinking my only option is to find an off market deal. Can anyone help me with strategies on finding off market deals? Obviously I will be tapping into my network but what other options do I have? I'm thinking of "driving for dollars" as an option. Can anyone give me tips on driving for dollars?
Any tips or suggestions would be GREATLY appreciated. This is a cash buyer with NO budget.
full-time CPA & part-time RE Investor · Colorado Springs, CO · Member since 2016 · 102 posts · 46 votes
10y
If I were you, I would look for large commercial buildings that looked empty. Make a list of the ones you find and then search the county assessor's website for the contact information of the owners of these buildings. Then contact each one, to see if they are interested in selling to your buyer. Who knows, you may get a few listings out of the exercise too.
Buy and Hold Investor · Cranston, RI · Member since 2013 · 1k+ posts · 1k+ votes
10y
Brett, see if you can go to the tax assessors for Smithfield and neighboring towns (Smithfield, North Smithfield, Lincoln, North Providence, Johnston, Glocester) and ask if they will give you a printout of properties zoned commercial (or industrial - describe what your client wants to use the site for and let them decide what the zone should be), and with a minimum building are of 20,000 sf.
You will need to go in person and be super nice (always a good idea in city/town halls) and IF they can do it (I would not expect all or even most will), and they will probably charge you either a flat fee or (more likely) a $/per-page amount.
Alternately, if that fails, then you can try to get the same information from a list broker (commercial/industrial properties 20,000+sf building area); there are many list brokers of varying quality, just search Bigger Pockets forums and I'm sure a TON will come up.
Once you have your list, go through them (using the tax assessor databases - see RIPropInfo.com for a list of links) to eliminate the unsuitable ones, then take what's left and either call (if you can get a name/number - try using the corporate database link at the bottom of the RIPropInfo site) or send direct mail.
It would be a lot of effort, and the chances of hitting something are slim, but if you can double-end the listing it might be worth it. I guess it depends on how much else you have going on.
And I would ignore the fact that he said he's already seen everything, and call/mail everything that fits the criteria anyway. Things change, something that was overpriced before and that he may have ruled out, may have dropped since he saw it.