Advice: Negotiations On 2.5 Acre Property w/ Highest Best Use Gas Station/Convenience Store
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[{"id": "i6jp7gz", "text": "Contact some CRE brokers in your area and tell them you may be interested in selling. Ask them for a BOV. They should provide it for free.", "replies": [{"id": "i6jr0n0", "text": "Also ask them to pitch you on selling it after the BOV. They should also give you the % they would want to take upon sale. \n\nI\u2019m not sure what % brokers take at the ~$2 M level but they may know or can find the best buyer and highest paying buyer which may be more than you would net selling it yourself. \n\nNothing wrong with discussing it with them and then deciding once you have more info.", "replies": [], "depth": 2}], "depth": 1}, {"id": "i6ju25x", "text": "Unless you are fully versed in real estate brokerage or development, you will leave much more on the table than the right CRE broker will get you.  And I'm not a broker.  I list with broker's all the time because I wan the most money for my property.  Find the best in the area and negotiate a 4% commission.  That is your best play.", "replies": [{"id": "i6jwnmg", "text": "Have I already shot myself in the foot by telling one company my price? I didn't leave any room for negotiation. Nothing is in writing.", "replies": [{"id": "i6jy3o1", "text": "A buyer once told me - he who speaks first loses.\n\nIf you\u2019ve got a number in mind, it better be your pie in the sky # and then have them negotiate down", "replies": [{"id": "i6jyuxw", "text": "No, you're fine. Just make sure you get the absolute best broker in your region.  Talk to lots of people to find the right one. Sounds like a class A property so no issue attracting top quality brokers", "replies": [], "depth": 4}, {"id": "i6jyvlo", "text": "It's not pie in the sky unfortunately. I just did a bunch of research and determined this was a fair price given the highest and best use.", "replies": [{"id": "i6o9v6z", "text": "You should definitely find a good commercial broker to help you with this, especially one who is well versed in development. Don't go to a residential brokerage with someone who says they do commercial. Go to a big firm like CBRE. There are lots of land owners who leave money on the table because they get a flashy offer from a developer and don't know the true potential and value of the land. A good broker will help you maximize value and minimize your risk to make sure you're not selling to someone who will waste your time.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i6kb5ep", "text": "you are swimming with sharks. Commercial agents and appraisers all know each other.\nIf their lips are moving watch out\nGood luck don\u2019t getting a hurry", "replies": [], "depth": 1}, {"id": "i6khbik", "text": "I specialize in these projects nationwide and can help. Full disclosure I\u2019m a broker but my company is top 3 in the country and I pride myself on making my clients the most money. Doesn\u2019t have to be me but you should work with someone it\u2019s worth the cost", "replies": [], "depth": 1}, {"id": "i6khggv", "text": "What state is this in?", "replies": [{"id": "i6kio1z", "text": "West Virginia", "replies": [], "depth": 2}], "depth": 1}, {"id": "i6lf8j2", "text": "Why not keep it and partner with a developer. If it's a Wawa, quick check, 7-11 site, it could be pretty valuable. You can always end up selling later after you sign a long term lease at a strong cap rate, 4.5-5% or so. Would need to partner with a developer most likely who's done it before.", "replies": [], "depth": 1}, {"id": "i6mbt1w", "text": "Let the brokers tell you what they think it\u2019s worth and why.... then you make a decision.\n\nGo with experience and track record over fancy marketing or flashy gimmicks...", "replies": [], "depth": 1}, {"id": "i7b3npg", "text": "This doesn't answer your question, but your neighbor who 90 won't sell most likely because he may have a hefty capital gains tax. Once he passes, his heirs will inherit his estate. Their basis on the land will be determined at the time of his death or shortly thereafter. The tax burden will be almost nothing after his death. If you can you should make it clear that you'd be willing to wait and pass your  contact info to his heirs. Or create some type of land lease with an option to buy. If he doesn't plan on developing it himself. \n\nThis is assuming there is no wife in the picture.", "replies": [{"id": "i7ba5vp", "text": "This is good advice, but I\u2019ve received another inquiry from another large convenience store chain and they don\u2019t care about his property. They\u2019re already working on a site map and want to meet me out at the property next week. The first only cared about using it as secondary access. I\u2019m the only property that is at the lighted intersection that can get the proper commercial access. He doesn\u2019t want to sell because he doesn\u2019t want to move, but if my property sells and gets developed his property is going to tank in value because commerical access won\u2019t be possible unless they work a deal with whoever buys my property. \n\nI honestly don\u2019t care to wait at this point he could easily live another 10 years and he doesn\u2019t hold the key property. I tried to explain the situation to him and just basically got yelled at because he said \u201cmy property isn\u2019t for sale\u201d. I\u2019ve talked with his daughter and she said she wants him to sell but he refuses and there\u2019s no talking him into it. \n\nA similar property to his that couldn\u2019t get commercial access sold for $250k, if he joined with me he would most likely get $500k+ if not closer to 1M. They\u2019d make way more selling and paying taxes than waiting, but it\u2019s just not my problem at the moment. If his property becomes contingent on a deal then I\u2019ll need to explore other options.", "replies": [], "depth": 2}], "depth": 1}]