Sourcing Off Market Acquisitions
Curious what unique methods people who work in acquisitions (for a company or themselves)  use to source off market deals in general. More specifically, in a time like tyhis when many owner/properties are in a distressed situation, what is going to be you strategy going forward to identify these opportunities? Mostly interested in off market stuff $10MM +, and not just calling up broker contacts.
[{"id": "fn1wati", "text": "$10M+ aren\u2019t going to suddenly pop into distress. I have a $5M property that we got two offers on without even advertising within the past few days. One for cash $4.9M  and one $5.8M. Private equity firms and syndications are still fine with paying for what they want. I don\u2019t expect extreme bargains in that category for at least a year if at all.\nThat being said- these two buyers found my property in two different ways. One called/emailed me repeatedly over the past year and one had a broker who knew my broker and they got to talking.", "replies": [{"id": "fn1wuqh", "text": "I'll give you 50k and a reddit gold, final offer", "replies": [{"id": "fn3s8uh", "text": "Sold. I\u2019ll have my people call your people to work out the details.", "replies": [], "depth": 3}], "depth": 2}, {"id": "fn1wz9h", "text": "You don\u2019t think maybe some hotel/shopping center owners of assets $10M+ suddenly find themselves in positions where they would be willing to step away from a deal (at a discount) where their loan comes due in the next year or so? Not saying I disagree with you just curious", "replies": [{"id": "fn22c4p", "text": "Give it 6-10 months. That said, cash talks right now. Working with a lot of guys selling who\u2019s separate businesses need cash and they\u2019re willing to part ways to access their equity.", "replies": [{"id": "fn23mia", "text": "Hypothetically if Someone has cash right now to buy assets of any size without financing at all, what do you think are the opportunities to be looking at immediately? We\u2019re of the opinion that it is better to buy on the way down vs the bottom", "replies": [{"id": "fn242va", "text": "There are deals to be had now. Just depends on capital available and threshold for risk. I will say from my perspective and based on the many private equity groups I work with, this is when the real deals are purchased and anyone deciding to sit on the sidelines and not look at deals isn\u2019t actually in the game.", "replies": [], "depth": 5}, {"id": "fn3sv8n", "text": "We have been looking for commercial NNN properties to 1031 into. We did a virtual tour of one the other day and talked to the owner. The owner of the property also owns the business. So far the price of the building hasn\u2019t dropped. He didn\u2019t seem confident he won\u2019t be laying off people. He also didn\u2019t have a good response when I asked him if he foresaw more employees working from home in the future (he said they are more productive from home so far). It\u2019s a marketing research company. We are waiting to see what happens. I don\u2019t want to pay Jan 2020 prices and then have his business (sole tenant) downsize and I need to re-lease at Sept 2020 prices. So while I think it\u2019s possible deals will be had, I don\u2019t think they are here quite yet. I think late this fall, if the economy stays in a slump.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "fnjwmly", "text": "No in that instance they\u2019d refi and hold. Most hotels are also owned by families as a sole proprietorship - at the Lower price end of spectrum they\u2019re disproportionately owned by asian American families that have like the whole family working on the deal. Those guys aren\u2019t really sellers. The distress sales you\u2019ll see will be on big ass hotels that PE firms bought in 17-19 with a ton of leverage, but they\u2019ll probably restructure the loan and hold out til end of fund life - no fund is going to just cut bait and walk away from a hotel that was a recent purchase, they have enough fund life to ride it out and see what happens at the end of the fund life.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fn292wq", "text": "Do a back of the napkin analysis solving to an 8% ROC. Typically enough to get seller curious about offer.", "replies": [{"id": "fn29znz", "text": "I know what returns people look for. Just curious on different methods people are using to  source deals", "replies": [], "depth": 2}], "depth": 1}]