Best strategies for finding off market deals

[Brett Read]

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.

[Anthony Thompson]

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.