Hi all, I have an office in a building where it will go on sale once the owner passes.

I've only dealt with residential at this point but am looking into self storage and on my search for commercial I stumbled upon a car dealership property where the owner is moving out of state and motivated to sell the property.

I heard advertising for GROUNDFLOOR on the BiggerPockets podcast and was intrigued.

A few quick tips:Run your numbers – Flip for a profit by factoring in renovation costs, holding costs, and market trends in the area.Line up financing early – If you're using a VA loan, it's great for long-term holds, but for a flip, hard money or private lenders might fit better.Build your team – Lean on your local contacts (family, friends, or contractors) to be your boots on the ground.

That said, expect to deal with a fair amount of fluff leads.The two best strategies I’ve found are inbound methods: direct mail and Google Ads.Direct mail can be expensive, but it can also yield highly discounted properties.Google Ads, on the other hand, doesn’t require data extraction like calls, direct mail, or texting.

Also, local real estate agents can also be a goldmine for off-market deals since they often hear about them before anyone else.As for property management, researching and looking at online reviews are a good start, but a real insider tip?

Their rationale is based on Illinois law, where security deposits must be held in a separate account and accrue interest if held over 6 months.

Hey Tess - congrats on the purchase! 

Bottom line: if Ken McElroy is right (and he is “righterer” than me on REI) then my best Real Estate play is to have ample cash to buy the REO in 2022.

Also, if the contractor is performing the work or the repairs on the property, can I count that time the GC spent as my own time in the activity log since he was doing the work on my behalf?