Should I try to approach a tenant without owning the property?
How advisable is it to approach a anchor tenant without securing the property? They can obviously go directly to the owner instead of negotiating with someone that claims they will close on the property. Will an NDA protect me in this scenario?

New to commercial but notice some opportunities available to me.
[{"id": "hx8s3x1", "text": "Are you under contract?", "replies": [{"id": "hx8sab6", "text": "I am not. Just looking around at available properties right now.", "replies": [{"id": "hx9425j", "text": "Yeah, probably don\u2019t do that.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hx95a5e", "text": "If you're not even under contract, you have no grounds to negotiate with the tenant nor are they obliged to respond to you in any capacity (so they probably won't).\n\nAll this will do is upset the owner which could complicate any attempt to then purchase the property, and probably confuse and upset the tenant while you're at it. It would also make you seem amateurish to all the parties involved.\n\nI'd strongly recommend you put the property under contract before engaging with any tenants, and even then only with the seller's written permission. Keep in mind that in commercial acquisitions, first deposits are typically refundable anyway so you're not risking much by going about this the correct way.", "replies": [{"id": "hx9bxd8", "text": "Thanks for responding, everything makes sense. Is it typical someone goes in contract and backs out if said, tenant decides the property isn't suitable? Should I be upfront with the seller with my plans?", "replies": [{"id": "hx9f53q", "text": "I might have misunderstood your question. I was under the impression that you were thinking of buying a property and wanted to negotiate a lease renewal with a tenant in that property. \n\nIf you have a property in mind (but not under contract) and want to go discuss it with a potential tenant that you'd like to lease it to, the you'd be in a better position. You'd still have no control over the property though so you'd run the risk that the tenant would bring the deal to another party. \n\nAnd yes, having tenant feasibility as a condition that would allow you to not waive and back out of the deal with your deposit intact is common.", "replies": [], "depth": 3}, {"id": "hx9gci1", "text": "Most buyers are buying leased properties based upon the revenue from that lease and the associated lease terms, which the selling broker or seller should be transparent with you about.  You should talk to the listing broker to find out what you can about the tenant and the lease. This should also help you avoid going under contract and wasting your time if this particular point is problematic.\n\nIf all checks out based on your conversation with the selling broker/seller and your financial model/return is acceptable, you should contact a real estate lawyer to help you draft the purchase agreement, review the lease, and address other transaction issues (don't skimp on this or you'll regret it - especially if you haven't done this before). Typically, any agreement the brokers draft for you will likely be worthless and they will be clueless about any real estate legal issues. Frankly, most just want you to close so they can get their commission and otherwise don't give a fuck about you unless you're going to be a significant repeat client.\n\nEdit: Yes - it's not uncommon to go under contract (assuming your pre-contract investigation is ok) and back out if it turns out the deal doesn't look good. Your purchase agreement should include a due diligence period to allow you to do this and back out without sacrificing your deposit. If the seller doesn't give you this, run.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hx9795x", "text": "You can\u2019t contact someone\u2019s tenant without having any connection to the property. Unless you have a relationship with that tenant\u2019s real estate manager and can discuss the site then don\u2019t do that. Some buyers can\u2019t even speak to tenants while under contract and you have no ties to the property", "replies": [{"id": "hx9cke2", "text": "Sorry, I wasn't clear in the beginning. The space is vacant, I'd want to approach suitable tenants for the space. Once I'd secure a tenancy contract, I'd go full force and acquire the property without letting the seller know. At least, that's the thought.", "replies": [{"id": "hx9ik7f", "text": "Why would you work to lease a space you don\u2019t own or is under contract? You put the asset under contract then ask for 60-90 days due diligence to go find a tenant. They may not give you the time but why spend time trying to find a tenant for a property you don\u2019t own and aren\u2019t connected to beyond having an interest? What if you find a tenant but someone else puts it under contract? You\u2019re looking at the process backwards in my opinion but if it can work for you then more power to you", "replies": [{"id": "hxe762e", "text": "I was just thinking of how I can add value to the property without committing to a contract just yet. I now realize this is the wrong way to go about things. The property is actually off-market and saw this as a better opportunity as there might not be as much competition. I'll be contacting the owner tomorrow to see if there is something we can work on. If the property is run down, parking lot shot, exterior is 1950s, not maintained well, is this going to scare off national tenants to even negotiate? Will I have to improve the property before national tenants start engaging with me? All assuming, I own the property.", "replies": [{"id": "hxlmga1", "text": "The nationals may be interested but if the building is shit then you will certainly need to make improvements. Probably new roof but that will come out in the property inspection. If you tell the nationals the upgrades you\u2019ll be making it could help them. Where is the property?", "replies": [{"id": "hxmhkeg", "text": "San Bernardino County (about 60 miles east of LA, California)", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hx9ndia", "text": "Definite and easy No. You dont do anything with the tenants until you own it. \n\nIf you want a specific lease negotiated as a term of the sale, then that's up to the current owner to secure that prior.", "replies": [{"id": "hx9sggg", "text": "I realize my original post sounds like I'd be approaching the current tenant; I should clarify the anchor spot in question is vacant. I would approach suitable tenants for a brand new lease. Basically hoping to find a way to raise the value of the property before commiting fully to the sale.", "replies": [{"id": "hx9tqei", "text": "Ah I understand. I would still say no, that probably isnt going to work well and be prettt difficult to do. You would at least need it under contract, with terms that allow you to exhibit the property to prospects during the process.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hxadbym", "text": "Huh?", "replies": [{"id": "hxecaud", "text": "Yeah, I realize my original post wasn't clear... I wanted to approach a potential tenant, not an existing one on the property. I was trying to figure out a way to raise the properties value before committing to a contract. I now know this isn't the way to go. Have you dealt with national tenants before? I have this off-market property that's run down; parking lot shot, exterior is original (1950s look), low signage, do national tenants see this and instantly stay away? Would I have to improve the property in order to begin engaging with these types of tenants?", "replies": [], "depth": 2}], "depth": 1}, {"id": "hxb7cs1", "text": "Talk to a good lawyer and a good commercial real estate broker", "replies": [], "depth": 1}, {"id": "hxju8np", "text": "Don\u2019t do it", "replies": [], "depth": 1}, {"id": "hxkoh05", "text": "No, not until you have title.", "replies": [], "depth": 1}]