All Forum Posts by: Ray James

After the new year I plan on doing a very small scale, slow direct mailing / calling on currently off market multifamily properties. If I get an interested party and they provide me some basic info to give an educated initial offer would you recommend a Letter of Intent to begin with just to keep things relatively fast & informal if there is a lot of back & forth on the starting price or would you have an attorney or agent write a contract right away? 

I was thinking a LOI would be fastest & simpliest until we meet on a number and then get it under contract right away. Thanks for replies.

Tae would you work with Build Realty again in the future? Who would you use as your hard money lender? 

I had a meeting with them a month or so ago and am currently receiving their offers but their setup seems to rely on trusting them quite a bit and their focus is more on the lending side. Many of the offers don't have an address just a street name and they said though you could view the property they would be a good chance it would be sold before you looked at it. 

Also it seems like financing is their real business as when I told them I was planning to initially do an all cash buy & rehab  they said those using financing get priority.

And like you mentioned they really push that 10k figure that you can get in and get started with only 10k cash but then you're taking on a lot of high interest financing based on their figures working out and selling quickly.