First Potential Commercial Deal - Need Suggestions

[Travis Gosnell]

I want to start with saying I'm in residential real estate and this kind of fell in my lap. Here it goes...

Seller has 4600 sq. ft. metal warehouse in good area with road frontage and in good condition. He is 76, economy is making him close his business of 42 years - he is in the phase of selling off all of his equipment. He is desperate for cash and has no other assets. The property is free and clear with a 3 month old appraisal of 840k.

I usually do owner financing deals and he was very open to the idea of getting 90k down with $1,000/monthly principle only payments for 7 years. He was actually ready to sign the paperwork but I told him I would go to work on this and come up with some projected numbers on the property. I would bring in a private investor for any repairs, projected holding costs, insurance, and his cash down.

So, I have the slightest clue what to do and what to look for. I mean should I contact a few commercial real estate guys in the area and get some leasing information or sell it on terms to another buyer...and where would this buyer come from and what are the particulars typically?

Any help would be greatly appreciated as this guy is seriously ready to sign but I need an exit plan or an action plan to create an exit plan.

Thanks,
Travis