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Updated about 3 years ago,
Wholesale / assignment of a commercial property?
I have found an off-market commercial property, a motel that has closed. Comps for the land alone are almost 2x the owner's asking price. IF this was any other type of property I'd wholesale it.
But in this case there are issues. One, the new owner will have to demolish the old hotel, its condition is too far gone to rehab. So I'm willing to factor that in, and still have room for good returns.
My question / concern is about timing. A 30 day term on an assignment contract probably won't work - I doubt I can find a buyer that quickly. I can ask for longer, of course.
Should I contact local brokers and see if they can flip it, or is there an established way of doing this, wholesaling/flipping for commercial properties? The land value is around $600k so it's not a huge deal.
thanks