I’m hoping to start a conversation about how to find deals in a contracting industrial real estate market. My specialty is NNN single tenant industrial. o fable in small bay flex. I typically look for under leased property, where rents haven’t kept up to market. The only issue with that is that rents have been slipping or declining in my market, so there’s not much of those around. Recent vacancy in my market is also quite high. The question is are we just seeking distressed owners, creative financing and low cost basis property we can reposition? If the property rent is over market, which is much more likely in my market, the property stands to lose a lot of value when the tenant term expires. Should I abandon investment sales and pivot to leasing? And am I seeking extremely low cost basis property for vulture investors? Should I move to Texas? Idk. Would love some advice here.

Also in addition: For those who work in institutional net lease: what does your day-to-day underwriting process for deals actually look like? How do you approach problems, develop the frameworks and ratios you rely on, and what helped you reach an institutional level of thinking? Any advice on how someone can train themselves to that standard would be greatly appreciated.

I’m not looking to dive in the weeds, I just want to expand my vision.

I feel Chris Volk just is so far ahead of things like this and I just want to try to get 1% of where he’s at

From what I understand, it’s atypical for retail brokers in our market to get paid on renewals. Base term only.

But other industrial and office brokers at my firm are getting paid on renewals regularly.

Curious what’s the standard for other markets/sectors across the US?

Hi all, does anyone have a comprehensive due diligence checklist for a hotel asset? I’m a multi broker representing the owner. This project is a multifamily conversion opportunity. What items on the hospitality side should be included in the deal room that a buyer would want to see and review? Want to make sure I’m checking all the boxes here. Thank you.

While commercial activity continues in most sectors, many transactions still fail to reach the finish line. Do you think today's biggest challenge is the gap between buyer and seller pricing expectations, or is access to financing having the greater impact? Or is there another factor that's becoming more important than either?

Brokers - What percentage of your Net Commission Income (aka- after splits, and the house takes its cut) are you spending on overhead?

I’m trying to reign in on my expenses and trying to see what others are doing.

Thanks in advance

Hello all,

Currently vetting a lender that I came across as I am active in some niche spaces. Every now and then I come across lenders such as these where the website looks pretty awful but every now and then I can verify they are a real private lender. Has anyone ever completed a deal with, or even heard of this lender? I’m struggling to verify UCCs, validate transactions, or just find an article on a transaction that isn’t self published. Any and all help is appreciated.

It seems like the larger funds tend to hyper focus on the same types of deals that already seem to be getting a lot of attention. What are some sectors that you’ve all seen that seemed to be under looked? The more specific the better!

Please give some reasoning as to why you like it.

Hello i saw one of the commerical proprety that said Passthru Property Taxes, i was wondering what does that mean

I’m building an acquisition model for commercial real estate (office, multifamily, hotel, etc.) and I’m looking for guidance on modeling investor-level income taxes in Excel. Most acquisition models stop at pre-tax levered cash flow, but I’d like to build a fully integrated after-tax model.

Specifically, I’m trying to understand how you all underwrite initial tax basis, annual partnership basis adjustments (increasing basis for allocated taxable income, decrease basis for depreciation, losses, distributions, etc…), suspended/passive losses, when losses are carried forward, depreciation recapture at sale and calculation of long term capital gains….

basically trying to find a baseline model that I can plug and play numbers and visually understand the flow of funds and taxes associated through the full cycle of the real estate investment from acquisition to disposition.

Thank you in advance!

I usually state my name and property name and thats all. I've been getting through to some using this method. Curious if there is anything else that has worked?

Has anyone worked in or with people from NAI?

So a possibility has presented to me which involves being involved in the opening of a regional NAI office (not in the US). Since it's the beginning, I will be wearing many hats creating systems, assiting brokers, brokering a bit myself, etc.

Any comments on overall culture, priority, and your personal experiences with this particular brokerage?

UPDATE: got a single license for 199. I’m happy with that.

Hello. What is everyone paying for a Reonomy renewal? I am up for renewal and currently have 2 licenses for 500 a month.

I am going down to one license and am think 300 is fair. Regular rate seems to be 400 which is a drastic increase from 2 years ago when SAAS is a 80%+ margins game.

How is this conference?

Would brokers/analysis get anything out of it? or is it most suited for softwave devs and prop tech companies?

When you’re evaluating a tenant’s ability to support the proposed rent, how do you treat the sale proceeds in your underwriting?
Specifically, if the company is receiving, say, $10 million from the sale, do you build a pro forma post-closing financial model that assumes the debt is paid down (reducing interest expense), or do you underwrite strictly off the historical financial statements?
In other words, where do you incorporate the new cash from the transaction? Do you adjust the balance sheet and interest expense based on management’s expected use of proceeds before calculating metrics like FCCR, rent coverage, and leverage, or do you rely solely on historical numbers?
Curious how institutional buyers, private credit funds, and net lease investors approach this.

Yes I used chat gpt to help ask this- I’m tryn 2 figure this out

Also can you tell a SLB tenant what you want them to do w the cash infusion or no?

Called an owner of an industrial building who is wanting to sell and retire and has another broker in his words ''on his a**'' about listing the property.

He basically just ranted the entire call. Suggesting brokers are overpaid doesn't want to do seller financing, wants a clean transaction etc.

How do you get through to people like this? Do you suggest meeting in person?

Its a small deal anyway but I'm just curious what methods have worked for a client like this...

Anyone have any idea?

I’m looking for advice from people who have experience with marina acquisitions, distressed commercial real estate, seller financing, lease options, campground operations, waterfront redevelopment, or raising capital for messy real estate deals.
I’m involved with a marina property in Michigan that I would personally love to acquire or be involved with long term, but I’m trying to think through the structure realistically instead of emotionally.
The seller is potentially willing to either seller finance the property to me or give me a lease with an option to purchase. My struggle is capital. Even if the seller is willing to carry the purchase price or give me a lease-option structure, I would still need capital for insurance, taxes, utilities, cleanup, legal/title work, campground setup, store inventory, operating reserves, and general stabilization.
This is not a clean, turnkey marina business today. It is a distressed waterfront asset with real upside, but it also has real problems.
High-level facts:
Marina property in Michigan
Large waterfront site
Existing marina infrastructure, but the docks need service
Channel likely needs dredging before the marina portion can really operate
Existing primitive campground potential
Possible store/convenience component on site
Potential winter boat/camper storage revenue
A number of abandoned boats/campers/trailers on site that need to be legally addressed
Seller may be open to seller financing
Seller may also be open to a lease with option to purchase
I do not have the cash to purchase or stabilize this outright
The marina portion probably cannot be counted on as phase-one income because the docks and channel need work before that side is viable.
The way I am thinking about it is more of a phased stabilization plan.
Phase 1 would be cleanup, abandoned vessel/camper disposition, campground operation if licensing allows, winter boat/camper storage, and possibly reopening the store/convenience side.
Phase 2 would be figuring out docks, dredging, marina operations, and whether the property has redevelopment upside.
Potential phase-one revenue ideas:
Primitive campground from approximately April 15 to October 15
Possibly 50–60 primitive campsites if the county/state would allow it
Maybe $30–$50/night depending on demand and improvements
Winter storage from approximately October 1 to April 1
Potentially 50 boats and 50 campers at around $1,000 each for the season
Store income from ice, firewood, snacks, drinks, camping supplies, bait/tackle, boating basics, and possibly alcohol if licensing allows
Abandoned vessel/camper cleanup and recovery work
Known or suspected cost issues:
Insurance could be around $35,000/year
Water could be around $3,500/month during operating season
Electric could also be around $3,500/month during operating season
Property taxes could be significant
Cleanup will cost money
Campground licensing/compliance may require work
Docks need work
Channel dredging would be a major future capital item
Closing costs and carrying costs on an acquisition would be significant
One possible structure is a lease with option to purchase. For example, maybe 12 months with no base rent, but I would take over utilities/taxes/NNN expenses and try to stabilize the property. The property would likely still be marketed for sale during that time. If another buyer purchases it, I would be paid through the sale/commission side. If it works operationally, I could potentially exercise the option or bring in capital.
Another possible structure is full seller financing, but even with seller financing, I would still need capital for closing costs, insurance, taxes, utilities, legal/title work, cleanup, campground startup, store inventory, and reserves. The seller financing solves the purchase-price problem, but it does not solve the operating-capital problem.
My concern is that a NNN lease or seller-financed acquisition on a distressed non-operational marina could become a trap if I am paying taxes, insurance, utilities, cleanup, and operating costs without enough income coming in quickly.
I am trying to figure out what a smart structure would look like and how to bring in capital without overleveraging myself.
Questions for people who have done something like this:
Would a lease-option structure make sense here, or is that too risky with the NNN expenses?
If the seller financed the full purchase price, what terms would be necessary to make this survivable?
Would investors consider funding a stabilization phase if there is no clean marina income yet?
How would you structure investor capital for a project like this?
Would you treat the campground/storage/store as the phase-one business and ignore marina income until dredging/docks are solved?
How would you underwrite winter storage and primitive campground revenue?
What diligence would you require before signing anything?
What protections would you require in the lease/option?
Is there a way to structure this so I can stabilize the property without taking on unlimited carry risk?
For anyone who owns or operates marinas/campgrounds, what am I missing?
How would you approach capital partners for a deal like this?
Would you pursue this as a lease-option first, seller-financed acquisition, or bring in a larger capital partner/developer from day one?
I am not looking for generic “just raise money” advice. I am looking for practical deal-structure feedback from people who understand distressed commercial property, marinas, campgrounds, seller financing, lease options, capital stacks, or operational turnarounds.
The emotional side of me wants to own this place badly. The business side of me knows the structure has to work or it could become a financial disaster.
Any thoughts from people who have actually structured, financed, operated, or turned around something like this would be appreciated.

Any takers?

Just wrapped a full year of running an off market commercial acquisitions pipeline and figured the arc might be useful to people here, because most of what I read online skips the ugly middle part.

Two of us. The goal was straightforward: find owners who might sell, get them into a real conversation, and work the good ones toward a deal. Over the year that turned into about 640 deals worth roughly $600M in aggregate value across 195 priced opportunities, averaging around $3.3M a deal. The path there was not clean.

Months one and two: the outsourced high. We paid an outside sourcing shop to fill the top of the funnel. Month one we did 73 deals, month two hit 122, our best month on record. Felt great. It was not.

Months three to five: the crash. Volume fell off a cliff. 59, then 40, then 19 deals in a single month. A 74% drop from peak. When I actually pulled the outcomes apart, the sourcing was mostly junk: about 43% of deals were dead on arrival and roughly a quarter of everything came back a flat "not interested." We were paying to fill a leaky bucket and mistaking motion for progress.

Months six to nine: the rebuild. We cut the external sourcing, pulled the whole pipeline in house, and spent four months rebuilding the process and systems while running at about 24 deals a month. It felt like going backwards the entire time.

The last four months: recovery. The rebuilt system started producing again, 88, 78, then 63, pacing near 80 a month. The difference this time was quality, not just volume:

• Closed lost rate dropped from ~43% to ~23%
• "Not interested" replies fell from ~24% to ~6%
• Active pipeline retention rose from ~57% to ~77%

The thing I actually care about is why deals die now. Before the rebuild, most losses were "this was never a real prospect." After, the losses are valuation gaps and sellers deciding not to transact. We shifted from chasing bad contacts to losing real negotiations, which is the version of losing you actually want.

A few lessons that cost us real money to learn:

1. Volume is a vanity metric until you tie it to disposition. Our best "volume" month was one of our worst quality months. Track why deals die, not just how many you sourced.
2. Outsourced sourcing optimized for the number in our contract, not the quality of the conversation. When we brought it in house, output dropped but close relevant activity went up.
3. A rebuild feels like regression while you are in it. Four months under trough volume is a long time to hold your nerve. The leading indicators moved before the headline number did.

Curious whether others here have gone through the outsourced sourcing to in house transition, and how you measure lead quality beyond raw pipeline count. Happy to compare notes in the comments if any of this is useful.

Edit: We use the words leads and deals interchangeably internally. Minor confusion in word choice for some of you. I'm chatting our lead gen engine not our closed deals or how we build packages.

This one’s a bit out there, I’m reaching out to see if anyone in the group knows ballpark numbers for what the development of carribean resorts cost. IE - all-inclusive resort by a namebrand hotel, somewhere in the Caribbean. How much are they paying to buy / develop / construct the resort to begin with? They’re putting in their own water and sewer treatment plants on a lot of these. I’m curious on what the initial investment is and what the return on investment is over the 5 to 10. Surely someone in CRE group has experience with this and give some high-level insights? I've been to a few, and always wondered what the initial investment is, and what kind of returns they generate.

I've been going back and forth on this. Excel gives you a table of lease expiries but it's brutal to eyeball concentration risk. Especially on 20+ tenant retail / office. Some of the guys on my team map it in a homegrown timeline, others just sort the rent roll by expiry and squint.

Screenshot linked below with how I've started laying it out chronological expiry stack with anchor tenants called out. I would love to see how other people are doing this.

https://imgur.com/a/z7KseRb

Has anyone done a multifamily deal recently with seller financing? If so, what structure?

For context, this would be an 80 unit townhouse deal built in the late 90s.

Hey, I want to ask if you guys working as investment analysts at a real estate fund get involved in OAs. What kind of tasks do you do with OAs? I feel I was very randomly assigned to work on the OA stuff recently. When I work on it, it feels more like legal team work, and I would love to know if this is actually part of what an investment analyst needs to do.