All Forum Posts by: Jeremy Anan

Hello BP community,

I am currently pursuing a 8-unit multifamily property. The seller's agent accepted a 2nd offer after the seller signed my LOI.

This is what happened.

1- I submitted a first LOI, the purchase price was low and it was rejected. I updated the purchase price and submitted a 2nd LOI.

2- The seller signed and sent me the LOI back.

3- On Thursday, the seller's agent notified me that I needed to send them a contract in order for them to cancel the showings scheduled for Saturday. On Friday, I submitted the PSA to the seller's agent.

4- Today (Tuesday), the seller's agent called me, stated that they went ahead with the Saturday showings and now have two offers on the table. He added that the other offer seems better than mine because it is full price.

5- He suggested that either I update my offer and resubmit or I can keep the same offer. I told him that I was staying with the same offer.

6- Less than 3 hours later, he called me back and stated that the seller is okay with my offer, but will prefer to sign the PSA after I do the inspection. After the inspection, if I still want to move forward with the purchase, then the seller will sign the PSA.

I don't understand the game that the seller's agent is playing and i am seeking advice from the BP community.

Thank you

Hello BP - I've submitted a LOI on a 8-units multifamily property. After some back and forth with the seller's agent, the seller how signed and returned the LOI to me.

We're now working on submitting the PSA & scheduling an inspection, but my team will be out of the country for 10 days.

My question is: I am running any risk of seeing the seller move on and find another buyer because we're "slow"?

Thank you

Hello BP - I've submitted a LOI on a Multifamily deal. When chatting with the seller's agent, he asked me whether I will be represented by an agent, I responded no.

After hearing back from his seller, the agent sent me a counter. Below is some of the language in the counter:

"- The contract has to have as-is addendum.

- No seller financing

- Confirmation - buyer will be unrepresented ( no agent)

- Closing costs will be split by the buyer and seller."

I am wondering why does the seller care whether or not I have an agent?

Thank you BP

@Tyler Wehrung, congrats. 

- What's the NOI on this deal?

- Are they currently occupied?

- Have you verified the numbers ($) provided to you by the broker?

- Do all units have a separate electric meter?

@Scott Gillespie, the BRRRR strategy has been updated to the BARRRR strategy.

Sorry, I know a great guy in Frederick. If you ever have a need in that area, let me know. I am certain you will find help here on BP.

I know one in Bmore. He just did one for $11,500 to achieve a minimum ceiling height (after finishing) of 84". Note that Bmore prices are very different than DC. PM me if needed.

Hello BP,

I need help/recommendation locating a good Self-Directed IRA custodian out there.

Thank you

@Jay Hinrichs

I will love to have your take on this.

Thanks

Hello BP, I am a very newbie. 99% of my real estate education has been through BP. Josh, Brandon and their podcast guest take me back and forth to work every single day.

I'm working with an agent who is helping me look for my first deal. This guy has been just AWESOME. I'm certain that we'll find something soon.

My question is, once I have possession of the property, what should my next step be? Agree with the GC on the details of the rehab (cost, scope of work, timeline, etc...) or secure the funding first before even thinking about the rehab?

Sorry, I know it's really a newbie question and I will probably ask it just this one time.

Thank you