Just closed second multifamily deal
Yesterday, I just closed on our second multifamily deal. I can honestly say that almost every part of this deal was influenced in some way by what I have learned on this forum, in the webinars and, especially, on the Bigger Pockets Podcast.
To begin with, this deal was not on the market. I found it by using one of @Brandon Turner's methods recommended in podcasts and webinars: I saw a for rent sign and simply called the number, asking if they would want to sell the property.
I analyzed the property using methods discussed on Bigger Pockets, using a lot of the criteria discussed on this site to push myself to make this as good of a deal as possible, while working to find a win-win for the seller and myself.
Throughout the negotiations, I used techniques directly taken from lessons in the Chris Voss podcast (in fact, I had this podcast playing in my car for the days leading up to the meeting I had with the seller as part of my preparations). I've listened to that podcast at least 3 times; I highly recommend it. It is podcast #260.
I then got a second opportunity to try out my negotiation skills when we renegotiated after inspection and got a significant amount taken off the purchase price plus a huge amount of credits at closing.
And then, to top it all off, I closed the deal using none ($0) of my own money. Well, I did pay for the inspection and the deposit - which I reimbursed myself for out of the first month's of rent checks : ).
Now, I am working my way through The Book on Managing Rental Properties to ensure I am doing all that I can to maximize profits and minimize risk.
Basically, the reason for this post is a "thank you" to this forum and the folks at Bigger Pockets for the wealth of information provided here.
-Nathan
P.S. Our first deal was three units, and this one is six. Can you say STACK Method? Here's to hoping this trajectory continues!