Wholesaling commerical real estate

[Corey Hassan]

Hi BP,

Any advice on my current situation would be greatly appreciated.  I sent out a letter to absentee owners last week and was contacted today by someone who owns 20+rental properties and inherited a smaller commercial building previously used for offices/small businesses and is roughly 4000 sq feet. 

The investor told me he initially began to convert it into multiple condos but with his age and other properties it is something that has been on the back burner for some years now.  He began work some time back but never got to finishing it and is "interested" in selling it etc.  He said he would be open to owner financing options, carrying the mortgage if someone were interested in purchasing it etc.  My worry is that I am not all that experience in commercial type properties and don't know how I would handle the owner financing type option from a wholesale stand point.  He mentioned how he likes to be creative in how he does things and with me not being too experienced I want to make sure I get this right, but don't want to let this opportunity pass if it presents itself as this is a sought after town and not much has been available as of late.

Any advice on how I should proceed would be greatly appreciated.  Should I only explore options for cash buyers and tell him I am not interested in owner financing.  How would the owner financing portion go and would that scare away some investors, or would some investors like that?

Thanks!