I just closed on a commercial retail NNN property after negotiating three separate deals, all fast food with 20 year leases. All died with no financing...one ass tried to keep my deposit. Finally, I stopped looking for property and searched for FINANCING FIRST. I found a "local" bank then got their parameters for a property, 65%LTV and gold credit and invest. history. I got a limited commitment, then shopped. It STILL took almost five months to close and unbelievable hassles and delays. Everyone was pissed and moody in the end. I would wait this crap out rather than do this again. If you do it, try to find a bank first in the area you want then find a property. NNN is more solid in my opinion and addicting, Im on my fourth. Oh...the apartment building auction properties are very attractive if you have capitol and are in the developer end.
May 24, 2010