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I want to send you some options. PM me your requirements.
Here's what I need to know-
1. Are you looking to stay local? If not, how far will you go?
2. From the way you have described what you see, I would guess you are looking for turnkey properties, in other words properties that are up and running, not value-added type deals that start at a low cap.
3. You mentioned retail and office. Is this where you see yourself going to?
4. How much are you looking to put down, and how much are you wanting to leverage it?
As for the marketplace, commercial is not going to see the same pains that residential has. That being said, the cheap money did lead to some questionable investing and there's always going to be risk. If you are sitting on a cartload of cash, you could always get out now too, and take the gains hit of 15%. Gains tax will probably never be lower than that. You're right for your caution, you aren't in a bad position as it stands. Finally, watch out for the underwriting you see on listings- I've seen some pretty ridiculous claims (8 caps that should be 5s). But it sounds like you have a good handle on things- pm me if I can send you some options.
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