Updated almost 3 years ago on . Most recent reply
Strategy for selecting the right unit.
Hello everyone, I would like your input please.
We have a list of 8 distressed apartments and we want to purchase one as our next investment.
I know many do not like to invest in apartments but our first one is working well and we want a second one before going into a multi family.
We have searched listings and run the numbers on the ones we like.
Please tell me if you agree with the following strategy.
Write a letter to each seller stating who we are and that we have selected their property as one of 6 we are interested in.
Give them a cash in price and a financed price! The letter would say that if they are interested they have x days to respond and we will then view the apartments that accepted before making our choice.
Our market is distressed and allows on occasion for low ball cash offers.
Am I right approaching it in this way?
Most important thing I can think of is to note the letter does not constitute a promise to purchase.
Let me know your thoughts,
Thank you.