Best source of off-market NNN properties?

[Dan Krause]

Is there a best source for finding NNN properties that are in their first lease term that are for sale? Or no? Commercial NNN developers perhaps? I get almost no response from NNN brokers even though i have 2 NNN lending firms that will do a bondable lease private placement "if" i can fit their property criteria. One of those criteria requires a recent 12 month appraisal for any NNN property. I am not finding a broker that has an appraisal on NNN properties. The funding from both NNN lending firms comes from private sources. Both NNN lending firms tell me it is possible (in theory) to do a 100% funded NNN deal if the exact criteria is met. Need advice. Thanks, Dan

[Don Konipol]

The reason that you are not getting a response from real estate brokers is that they know it is NOT possible to do a 100% financed purchase of NNN properties, so when you tell them you are trying to buy properties with no cash contribution on your part they know they are wasting their time.

There may be some non credit tenant NNN properties available with 100% owner financing (this assumes no current loans on the property) but they would be vastly overpriced and undesirable.

The lenders claiming to do 100% financing are either lying or setting criteria that no property purchase would meet.

Appraisals are usually paid for by the buyer after a contract is signed. Finding an existing appraisal to submit to a lender merely tags you as a naive buyer trying to purchase a property with no capital or experience.

Out of curiosity, is your approach based on any real estate "guru" teachings?