What's the real deal with Loopnet?

[envisionary]

Hi everyone.

I am in the early stages of commercial rei and am curious about Loopnet.  I have heard time and again from several people/places how Loopnet is where deals go to die.  Are the properties that find their way onto the site typically way overpriced or what?  I have used it to gather information and to look for off market properties, but am wondering if there is any other way to make use of it. 

There is actually one particular property on there that I am incredibly interested in but, knowing there has to be a hiccup with it, am wondering what to do about it.  Any suggestions there?

[norm4254]

i have found many good deals on loopnet.   its not loopnet its you doing your research

[motivatedceo]

I think many things, but not all things,  are overpriced on Loopnet...they are "retail priced" you might say...while the people who are getting rich are the ones who are buying things at wholesale prices or better. You can find a few good deals on there, and you can definitely negotiate down on many deals there, but lots of good deals do happen on properties before they even get to Loopnet. You got to remember the most sophisticated investors buy at wholesale prices and sell at retail prices, and you are buying from sophisticated investors (in most cases) when you purchase a Loopnet listed property.

Some listings there are almost funny. You will regularly see a broker on there advertising a Starbucks, Wendy's or similar-occupied building...and he will say it's got a 10-year lease, mention that its occupied by a Fortune 1000 company and also mention the "incredible super duper" 6% capitalization rate. I want to say to him .... excuse me ... a 6% capitalization rate? The people who buy deals with a 6% cap rate are people who have no idea what they're doing ... I envision an old retired guy in Florida with lots of money to burn, and he has very limited knowledge of real estate yet he thinks that sounds exciting .... so he jumps right in.  There are suckers everywhere, and I personally find people who go after deals like that to not just be suckers... but just plain stupid. Frickin' retarded sounds better. You can say it how you like. LOL.

Hi everyone.

I am in the early stages of commercial rei and am curious about Loopnet.  I have heard time and again from several people/places how Loopnet is where deals go to die.  Are the properties that find their way onto the site typically way overpriced or what?  I have used it to gather information and to look for off market properties, but am wondering if there is any other way to make use of it. 

There is actually one particular property on there that I am incredibly interested in but, knowing there has to be a hiccup with it, am wondering what to do about it.  Any suggestions there?