LoopNet

They have a list that they call down.

If you're going on Crexie or LoopNet and you're starting to see foreclosures, which I'm already seeing a couple, but more are coming, realize those deals have been picked over already.

The best deals get scooped up and never make it on the MLS or LoopNet or Crexie or whatever your thing is.

So just realize that you have some work to do.

You can start meeting these people.

You've got to try to get on that list of the top five.

So just realize what's going on.

And listen, just one wrinkle about the LoopNet or Crexie thing.

Okay, so that's how our method works, okay? And believe me, these are the best ways to get the best deals, okay? The best way to get the best deals.

Pretty much anything that's online or LoopNet or Crexie is not going to cash flow.

So to find a deal that's going to cash flow, you know, price on the market, ability to raise the rents, it's going to have to be, you know, off market, okay? It is, okay? All right, let's see what other questions.

Alex is asking, are these Class A or B properties, Katerra? Which class are they? They're C, both Class C.

We bought at a really good rate.

It was, believe it or not, a LoopNet deal that one of my employees found during COVID.

And I was like, I don't know if it's worth checking out.

My experience has been not a lot of great property on LoopNet.

And it's not really part of my... acquisition pipeline, but dug into it, reached out, I was able to negotiate a great price on the entrance.

And the disappointing part of it is this had been managed well, could have been cash flow like crazy because we got a great loan rate on it.

And again, it runs, this one runs three times a day, so I minimize my token usage.

It pulls any deals that I'm sent by brokers or by other investors or whoever, and also sends me emails or also takes in emails from just the listing sites like Crexie and LoopNet and all that.

It has my whole underwriting criteria, has access to my underwriting sheet, has access to how I think about deals in terms of stuff I like.

I like deals that are within five minutes to public transit or major highways.

And so for me, understanding that I am going into the commercial real estate space, I wanted to understand it.

And the way that I did my market research in that sense was I started looking up online on LoopNet is a online space like a Redfin or Zillow, but for commercial spaces.

And I was looking at different spaces.

I found a commercial realtor and I just called her and asked her different questions.

Yeah, but it was funny because I sent you that.

So everybody jokes about LoopNet and Crexy.

That's where

deals go to die.

That's where I found my first car wash.

Yeah, and it's like everybody has that joke that people list stuff on Crexy and LoopNet that... haven't sold and like they're overpriced and there's no deals there.

But I saw this one that popped up and it was like a $250,000 laundromat or it was operating as a laundromat for 20 years.

And it was in a commercial bay and you could buy the bay and the equipment and an apartment out back that was generating like 700 bucks a month.

or at least I was seriously considering beforehand.

So I would say just keep pressing forward and you'll know when you're ready because it's all going to make sense when you open up a new OnZillow or Crexie or LoopNet, you're going to open it up and say, yeah, I get this.

I can analyze this.

That's probably about the time.

And there's no payoff clause to pay off the lump sum earlier, which when I talked to exit plan beforehand, that was the goal, right? So you purchase your exit plan as a refi within two years ish to be able to redeploy that capital.

And that's part of the story.

You know, what do you sell on someone to beat their ultimate investment in the stock market or in bonds? or in whatever else there, private equity, who knows what it is, right? If they're investing there, what can you offer that's a better option than that? And that's how you have to look through this lens as you go on to LoopNet or go on to Crexie is can this beat what someone else is getting right now? And if that answer is yes, great.

That story is going to build itself.

And I agree with you 100%, especially on the commercial side.

If you're looking through LoopNet, Crexie, CoStar, most of these listings don't even have price tags on them.

We don't even have the information to evaluate the deal.

So when people are saying, oh, I've already seen it, I already know that property, that's usually not the case.