Updated over 10 years ago on . Most recent reply
Private Sale and Increasing Cash Flow
My best deal was my most recent one. I was fortunate enough to have a client that owned a number of properties to bounce ideas off of when I started. One thing that I always remember he told me was... "Your 2nd deal will be better than your 1st. You 3rd will be better than the 2nd and so on".
Anyway, I had stayed in touch with an owner who owned a multi next door to mine. After over 3 years of periodically touching base, I got the phone call "Are you still interested?" My response was of course, "That depends"...on the price.
In the end, we were able to construct a deal that was mutually beneficial where he walked away happy and we got a property generating a 29.17% COC return and a 12.41 cap right next door to one of our other holdings.
This was a great success for us as it was a testament to the importance of following up and that persistence pays off.