Always a good question. I have four sources, two of which, nobody has mentioned yet. 1) Do the basics. Of course you go to a commercial realty broker, but you should go to more than one. Big investors never limit themselves to one broker, because having more than one can cover more ground, and multiplies the likelihood that you will get more offers. My only warning is be sure you are a serious buyer, because if not, the word will spread and no local broker will want to do business with you, let alone the one you have. 2) Check your local government. Where my firm is here in Virginia, its called the Virginia Housing and Development Association or VHDA. These properties are often unlisted with many brokers because they are not considered privately or publicly held, due to their ownership by a state municipality. You still listening? Good! Because number 3 is next. 3) Check with the national council of exchangers, and the society of exchange counselors...ok I gave you two for one here...use my web reference to further connect with them, but there numbers are 18003241031 and 18584883750 respectively. They may ask that you go through a broker listed with them, but this is no severe barrier. The none publicly listed properties are for cash flow investors interested in passive income, so you will make a lot of good connections at their nationwide events. Finally, ask banks for properties they are holding, as local brokers typically don't list these either. Banks don't want to be investors, they want to lend to them.
Jan 28, 2011