Need advice on finding distressed assets
I'm wondering if anyone has any advice on the best channels to find distressed assets. I'm interested in buying commercial properties and/or equipment. Is my best option to reach out to bankruptcy lawyers or banks? Any advice would be helpful.
[{"id": "fnf7s2x", "text": "Dude, everyone is looking ways to find distressed assets.", "replies": [], "depth": 1}, {"id": "fnf97i5", "text": "I could tell you but then I'd have to...", "replies": [{"id": "fnfl032", "text": "hah, I almost wrote this on a similar thread.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fnfccg3", "text": "TMA is a network for all of the groups that deal with distressed assets. \n\nContacting title companies to see which loans are past due is another avenue. \n\nBasically a ton of ground work.", "replies": [{"id": "fnfcpuc", "text": "Thanks I appreciate that. I\u2019m signed up for the TMA town hall webinar tomorrow hoping to learn some good info. What have you found is the best way to contact title companies? I haven\u2019t had much luck via phone calls.", "replies": [{"id": "fnfemc5", "text": "Got to get specific and have a script. The script I follow is more about sharing knowledge I have. People are more likely to pick up next time if you give them good free info that is relevant to them. If you are trying to be everything to everyone then everyone knows you are not the best dude for what they need. So if you are in NNN retail, stick to that market and carve out a niche within that.", "replies": [{"id": "fnfm8ji", "text": "Thanks for this, i appreciate the advice.", "replies": [], "depth": 4}], "depth": 3}, {"id": "fnfjwnl", "text": "can you share info on the TMA webinar?  I would love to listen.", "replies": [{"id": "fnflrq5", "text": "https://online.turnaround.org/tmassa/evtssareg.custid?p_event_id=6453", "replies": [{"id": "fng33g2", "text": "Like all webinars they are mixed. The people in my local chapter are pretty solid connections. If you have questions, message me.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fnflr1h", "text": "re: equipment, Aaron Equipment is one I use for more industrial stuff. For restaurant/FFE type, just do some google work and you can find the major auction houses and get signed up on their email lists. Or take a look at [proxibid.com](https://proxibid.com) and see who is running those auctions.\n\nCRE, auction platforms will be the low-effort public route once servicers start to take back assets. Hit up your regional banks and get on their OREO/REO email distribution lists, that's minimal effort.", "replies": [], "depth": 1}, {"id": "fnfo3he", "text": "The best way is the find a manager that runs across deals regularly.   You subscribe a portion of your assets and let them do all the work.", "replies": [], "depth": 1}, {"id": "fngb229", "text": "The best way is to be a special servicer with an investment management arm like Rialto or C3", "replies": [], "depth": 1}, {"id": "fnjw47k", "text": "Trepp is good, could also search pools on Bloomberg and pull WL deals or SS deals and reach out to the owner for recapitalization. You as an individual will not be in a position to buy distressed debt directly which is candidly the best way to buy distress.", "replies": [], "depth": 1}, {"id": "fntm3z8", "text": "Show up to foreclosure auctions with cash.", "replies": [], "depth": 1}, {"id": "folz10c", "text": "Target a specific area, look for commercial buildings using your own database, or a 3rd party database like Reonomy. Then, check the address with the local property tax assessor online website. You should then see if they are late on their taxes. \n\nIf they\u2019re late on their taxes, they\u2019re most likely not paying anything else. \n\nI killed it with this strategy back in 2006-2009, while I was an SVP at Lee &amp; Associates, and sold a bunch of buildings and sourced many short-sales and listings. \n\nPing me with any questions.", "replies": [], "depth": 1}]