Making an offer to a billionaire.

Making an offer to a billionaire.

Fort Lauderdale, FL · Member since 2017 · 33 posts · 16 votes
My husband and I want to purchase a 4plex as our first investment property (owner-occupy). I found a fourplex in my area, looked up the owner, and finally got his cell phone number. This guy is a multi billionaire, who owns over a 1k properties in different countries, and has like 4 businesses. Anyway, I called him up, asking if he was interested in selling and 4 plex properties that he has, there are 4 in Broward County. He stated that I would first have to make a preliminary offer to him for him to decide if it's worth talking about selling. So he gave me his email, and here is what I was thinking about doing. He is a very busy man, so I don't think taking him to lunch would work. It makes me nervous just asking. I want to send him a short email with a picture of myself and my husband and a little bio of us and why we are trying to go into investing. At the bottom of the email, I would like to put my offers for all 4 of the properties just in case he says no to one but agrees to another. What do you think?
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y

I find very few truly wealthy individuals would deal at the street level..  let alone you could access their cell phone.

Be that as it may.. these are business guys.. write a letter of intent.. you dont need the picture and story I doubt that will curry favor.. just be professional and make sure some one proof reads your corrispondance you dont want grammer or spelling errors or not to sound professional.

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  • Real Estate Broker · Minneapolis, MN · Member since 2016 · 530 posts · 398 votes
    7y

    @LaVonna Shannon

    Congrats on this! Anyone would respect an fair offer and decency to make a good deal regardless of net worth.

    If you are prepared with showing your financing is able and that you can move quickly there should be no reason for them not to hear you out.

    Keep us posted on how this goes!

  • Fort Lauderdale, FL · Member since 2017 · 33 posts · 16 votes
    7y
    @Bjorik Mutize Will do!! Thanks
  • Fort Lauderdale, FL · Member since 2017 · 33 posts · 16 votes
    7y
    @Mary Mitchell it's just a fourplex, not a commercial deal.
  • Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    7y

    @LaVonna Shannon but he is a commercial guy so that is how he thinks, and I bet, sells

  • Rental Property Investor · Boise/Portland · Member since 2017 · 709 posts · 742 votes
    7y

    I've dealt with billionaries in the past.  They like brevity and they're vulnerable to people who are sincere. But you need to be ready to move if he's open to your offer by having all your ducks in a row.  As @Jay Hinrichs wrote; be able and ready to execute. Good luck!

  • Developer · Point Pleasant Beach, NJ · Member since 2015 · 303 posts · 216 votes
    7y

    @LaVonna Shannon really rich people value time as much if not more than money. Make your offer very short and sweet and start with “I’m going to make this a very easy and quick transaction”. Don’t waste his time with contingencies or anything that can slow up the deal. Make a low offer, as is, and quick closing if you can. Because maybe he doesn’t care about the price and just wants his smaller properties off his plate.

  • Las Vegas, NV · Member since 2018 · 403 posts · 474 votes
    7y
    Originally posted by @LaVonna Shannon:

    He stated that I would first have to make a preliminary offer to him for him to decide if it's worth talking about selling.

    This is the key sentence right here. He wants to know your offer. He doesn't care about the personal stuff. Just send a polite, brief message with the letter of intent, proof of funds, and the best way to contact you. The type of person who asks this, wants you to get to the point. So, get to the point.

  • los angeles, CA · Member since 2013 · 7 posts · 0 votes
    7y

    What did you end up doing? Has he responded?

  • Residential Real Estate Broker · San Mateo, CA · Member since 2013 · 585 posts · 264 votes
    7y

    @LaVonna Shannon curious to know why he owns that 4plex still? Usually, at that level, you wouldn't be holding on to things like that unless there is some reason??

  • Fort Lauderdale, FL · Member since 2017 · 33 posts · 16 votes
    7y

    Hey everyone. It's been a while, but yes he responded immediately when I called. He basically told me that it didnt matter what I offered him, he wasn't willing to sell. I guess he makes pretty g.j ood money off of his properties that it just isn't worth sling to him. He owns a lot of property!! He was still very nice. He also talked a little bit about how he got started in Real Estate and how he was about me and my husband's age. I will still stay connected with him and reach out again in a few months. Thanks for everyone's feedback. 

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