Writing first ever offer on an 8 plex.

4 Replies

Hello guys,

I am preparing a 3 scenario offer on an 8 plex. Does anyone have a template they use, or any advice. I know the owner which breaks a little ice, but I want it to come across as professional as possible. Thanks for any advice you can give.

Ryan.

I'd suggest grabbing a LOI template off Google and submitting your offer that way.

Then once they agree to your offer you can write up a formal purchase and sale agreement to proceed.

@Ryan Proffit , not sure if there are any templates out there you can use to create the scenarios. A simple LOI will usually work. I'd say put your best foot forward with the offer if it's a great deal.

Originally posted by @Ryan Proffit :

@Brian Garrett

Thank you. One more question. Currently my partner and I don't have an LLC formed. Can I put our personal names on the LOI then enter the contract as an LLC? We just don't want to go form an LLC if there is no deal.

You are worried about looking professional and you are worried about the cost of setting up an LLC which you might not use. I sense a conflict.

What would it cost to create an LLC and then close it later? 

In terms of your offer, if you use your name consider adding "and/or assigns" after your name. You can then make the offer and switch who the buyer is at a later date. Before the close of escrow. If I was the seller, I might question the language. Or, I might see it as a sign that you are professional. It will come down to what you expect me to do. If you want me to carry financing back, I will care a lot who or what the buyer is. You want me to extend credit and you can not tell me who or what is borrowing

You need to make a decision. The fact that you will be presenting 3 possible offers is different enough. Maybe you can flush out the details once you have an indication from the seller which offer they are going to accept. Just be organised and prepared to spend a bit to get things off on the right foot.