I’ve found a billboard that I want to buy, but the seller isn’t being as cooperative as one would expect.
He advertised it for sale with an asking price and the net profit. I’ve checked it out and it’s all that he claimed it to be, and it would be perfect for upgrade to digital… in short, the numbers work.
I started preparing a prospectus for my lender… and hit a speed bump… the seller won’t release the financials until ‘after we’ve agreed on the terms of the deal’.
I told him it would be ‘cash at closing on a price we’ve yet to agree to’ - I need to complete my d/d and prospectus first… but apparently that isn’t sufficient… he acts like he wants it under contract before he’ll discuss it any further.
At this point I began to question if he was close enough to the deal to close it… further d/d revealed that it’s the same guy who is paying the property taxes.
This isn’t my first commercial property… so what’s with this guy? Even if he’s selling on proforma (a word he’s never mentioned)… I could live with it, if he’d just be upfront about it.