Real Estate Tips |7 min read

How to Buy a Commercial Building Cheaply in Baltimore: 9 Ways

To buy a commercial building bargain, there are certain methods you must implement. You can’t leave any stone unturned. So, let’s delve into the avenues you must check to get a better deal on your property.

Main Takeaways

  • To buy a commercial building for less, you should look into public records, google marketing, specialized property finder sites, for-sale-by-owner listings, wholesalers, auctions, or even good, old MLS (with optimization, of course).
  • When buying a commercial property, you also may benefit from networking with certain groups, like attorneys or property managers. Additionally, you could go to your target location directly to scout out properties.

Table of Contents: How to Buy a Commercial Building Cheaply in Baltimore & Beyond

  • Public Records
  • Advertise on Google
  • Use Specialized Property-Finding Sites
  • For Sale-By-Owner Listings
  • Going on the Ground
  • Networking
  • Wholesalers
  • Go for Good, Old MLS
  • Real Estate Auctions

Two individuals discussing a real estate deal with a model building and contract on the table.Public Records

Our Baltimore hard money lending professionals recommend you investigate public records. Public records can give you extensive insight into the incoming landscape of your market.

There are a few ways to go about this. For one, you could contact representatives from various courts, like probate courts, to discover open cases. Also, you could visit your local recorder’s office or town hall for new records. This way, you can find cases where certain parties urgently need to sell their properties.

Advertise on Google

Speaking of hotspots, Google is the premier site for searching online. On that note, you could reach an unprecedented seller audience by investing money in Google ads or sponsored results.

To really maximize Google advertising’s impact, you should focus on integrating popularly searched keywords in your notices in a really relevant way. You could even target ads toward your target groups, like those in or at risk of the foreclosure process or those behind on their property taxes.

By paying Google, you could reach the top of Google’s results in relevant searches. Yes, it costs money, but the payoff can be more than worth it.

Use Specialized Property-Finding Sites

Online databases, like LoopNet, Realtor.com, PropertyShark, and other sites can be exceptionally helpful when buying a commercial property. So, give these spots a whirl when you’re looking around.

For-Sale-By-Owner (FSBO) Listings

People who sell their homes themselves directly may use more informal means of advertising. Some simply use word of mouth or snail mail to market their properties. Other times, you can find their listings on Facebook, Zillow, LinkedIn, NextDoor, Craigslist, and other casual sites.

By opting for owner-sellers, you can snatch some hidden gems that other investors might miss. Plus, since owner-sellers don’t have the same marketing mileage as a real estate professional might, they may generate fewer leads. This puts you in a better position at the negotiation table.

That said, if you’re going the social media route, you can expect some scammers to lurk. Ignoring this is one of the biggest mistakes people make when they buy a commercial property. So, vet your listing meticulously before moving forward.

Going on the Ground

By going on the ground to your target market, you can scope out distressed properties with your own eyes. Then, you can take pictures of notable properties and run them through apps like PropertyRadar, DealMachine, or PropStream, to find information about them. Finally, you can go forward and contact the property owner.

This can be the most straightforward way to buy a commercial building. After all, scrolling for properties online is helpful, but nothing beats seeing and scrutinizing it in person. This way, you can tell up close whether the property is the right one for you.

If you can’t travel to your target location, the next best thing would be to contact one of the groups listed in our next section.

A group of professionals engaged in a lively discussion in a modern office setting.Networking

Networking can be the key to buying a commercial property for less. After all, they offer extra eyes and ears for finding properties. There are numerous networks you should tap into:

Real Estate Agents

Real estate agents must keep abreast of properties so they can know which ones to take up. They actively monitor the market, perhaps more than anyone else on this list. So, real estate agents should be among the first groups you approach when buying a commercial property.

Your Inner Circle

Your inner circle, such as your friends, family, and co-workers, can stay on the lookout for leads.

Outer-Market Investors

It’s also a good idea to get advice from investors who work in non-competing markets. They don’t have any stake in your game, so they’ll likely be more willing to give you some intel on those markets’ trends.

Property Managers

Local property managers are directly immersed in their local industry. It’s their job to stay on top of nearby properties so their own stay competitive. As such, they can point you to local properties ready to be purchased.

Lenders

Similarly, local lenders are entrenched in their local markets. Especially if you choose one who specializes in real estate, they are finely attuned to your local industry’s happenings. Some even keep buyer lists. As such, they can help you buy a commercial building for less.

Attorneys

Lawyers may be involved in cases that involve property sales, like foreclosures or bankruptcies. As such, they can be the first to know about deals you can take advantage of.

Wholesalers

Wholesalers may require you to pay an upfront fee. Still, after all’s said and done, they may be able to give you a cheaper deal than you would by using a middleman. So, it can’t hurt to contact them to see what they have to offer.

One point to note is that wholesaler properties are very popular because they’re so discounted. Due to that, you should act fast if you want to buy a commercial building from them.

That said, this is another time to do your due diligence. Given that wholesalers are independent sellers, they are less regulated than traditional ones. So, stay alert in your search.

Go for Good, Old MLS

The Multiple Listing Service (MLS) is one of the most traditional ways to buy a commercial building. It’s arguably the biggest central hotspot for real estate listings, especially for real estate investors. However, it’s garnered a not-so-great reputation because it’s so oversaturated.

Still, if you use the right site settings or keywords, you can sift through the site to find properties with your desired qualities. Some software can also help narrow down properties.

Furthermore, some relisted or expired listing owners may be more willing to negotiate deals with you because their property hasn’t sold yet. With these benefits, the effort of pursuing MLS is worth it.

An auctioneer taking bids at an outdoor property auction.Real Estate Auctions

On various auction sites, like the eponymously named Auction.com, Huzbu, and RealtyBid, you can find deals not listed on other sites. Of course, when buying a commercial property this way, it might take a while to find a viable sale that meets your needs. So, you’d need to be patient.

Either way, when using this method, you must choose your battles. If the demand for a listing gets to be a little too hot, you might want to step away to avoid an outright bidding war. Instead, you may want to focus on slower properties with potential.

Furthermore, if you win an action, you must stay prepared for any auction middleman costs that might occur. Finally, you must ensure you fully own the property in your name.

Buy a Commercial Building Bargain in Baltimore with MHML

You can buy a commercial building bargain by scouring public records, wholesalers, specialized property-finding sites, and more. All these options open your horizons to broaden your property search.

However, to obtain these deals before they disappear, you need fast funding. You can’t afford to wait for banks to take their sweet time approving you. That’s why people may benefit from choosing private hard money loans over traditional ones.

Hard money loans are hyper-expedited loans for real estate investors. They can offer funding within weeks or even days. Plus, if you go with local, experienced lenders like us, we can help you navigate the nuances of your real estate market. We can coach you so that you get the best deal possible. So, contact us today to secure your deal.

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