I was speaking with a friend of mine today that is planning to invest in some commercial real estate in downtown Reading, PA. He is one of the out of state investors that I've mentioned in previous blogs that has been attracted to Reading, PA by the incredible cap rates. We have seen a few great properties, but there is one in particular that he would like because of the opportunity to add value with some re-leasing. Unfortunatly this property is slightly out of his price range. Now sometimes in this situation I might offer to invest with him, but with the recent move I'm not is the right position to do so.
We started discussing other sources of equity capital, and it came up that he is good friends with a professional athlete. He said that he has often thought about asking his friend to partner with him on deals, but just hasn't figured out a good way to do so. This friend has been involved in commercial real estate for several years, and has been very successful. It was shocking to me that he hadn't decided to share his investment opportunities with his good friend. He explained that he felt like he was asking for something, and hadn't realized that he would be offering his friend a tremendous opportunity.
We sat down to discuss the best way to present this opportunity to his friend, and we came up with what I believe will be a great deal for both of them. I'll let you know in a future blog how this turns out. In the mean time, if you are interested in investing in commercial real estate in Reading, PA, and you'd like help approaching potential partners, give me a call today.
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