All Forum Posts by: Stephen De Vita

I live in South Carolina. I am interviewing lawyers to see what services they offer like Title Search, Title Insurance, Processing fees, and LLC Creation for a multifamily property. This my first time doing this. I know there is a lot I am missing. For those who have done this before. Can you share any insights from lessons you have learned from good or bad situations you have gone through? Are there any questions I should ask? Or concerns to bring up you guys think I should be made aware?

I was underwriting a seller financed 32 unit deal in South Carolina. I was getting ready submit an LOI. I would put 10% down, due at closing. We never discussed any earnest money up to this point. The broker calls me said 1% of the sales price was going to be be due. That was about 30K. I told him any money I put down will be refundable for any issues like environmental matters, physical inspection, title, zoning, and if I can't raise funds. This were everything fell apart. I'm trying to take this as a learning lesson. Any thoughts on this or advice on how to make this work going forward? What does your negotiation look like when you are talking to brokers about refundable terms?  When do you agree to 1% nonrefundable terms?  

Congratulations! You should be extremely proud of yourself. I know it's a lot of late nights and early mornings to get things done. I'm sure a lot of people will never know all of the things that go on behind the scenes to make a deal go through. What would you stay your biggest takeaway moving up from smaller deals? 

I've been trying to get my first deal myself over the last eight or 9 months. I almost landed a 32 unit but unfortunately the negotiations fell apart at the last minute. Not going to stop me. I'm just going to keep on going.

Thank you, I appreciate your response. I seen that you work in the industry. Any advice or anything I should keep in mind when I am having these conversations 

I am investing in multifamily (10 - 35 units). When you are calling around looking for quotes in a market. Do you find better coverage/price with smaller local companies or larger national companies ?

These seem like some great pieces of information I really appreciate it. I'll put them down in my notes and take them under consideration. What is a large enough mailing that would justify a standard standard? Thank you for taking the time to answer my question! 

Thank you for your reply! It's not that I can't afford to send them out. I'm just getting started and putting things together. I'm trying to save any dollar I can at the moment until things pick up. Even if it takes me a little bit longer than expected I'm okay with that because I don't plan on going anywhere! Again thank you for taking the time I really appreciate your input!

Hello, 

I am not sure if this is in the correct place to post this. I am buying multifamily properties and reaching out to owners. I am sending 300 letters every 4-6 weeks. I was told getting USPS forever stamps is the best route. However they seem a little expensive even if I get them at Costco, a pack of 100 is about $72. Does anyone know a better deal for stamps? They have to have the US flag on it. If you have any other ideas I am open to hear them.

Stephen

 Sorry for the late reply. I will be raising money for the deals. 

Hello, 

Hope you are doing well. I am a multifamily investor in the Phoenix metro area. I am looking for wholesalers that specialize in or know someone that specializes in multifamily. I am looking for c-class properties 5-50 units. Feel free to message me.  

Stephen