Atm Deals Commercial Real Estate Brokers Makin' Offers Multi-Units/Apartment Buildings

Made an Offer on Apartment Building!

Holy crap, I just made an offer on an apartment building! Now before you get all excited for me lol I didn’t put in an LOI (Letter of Intent) or an agreement of sale. I just threw a number out at a broker to see if the seller was flexible.

It’s not a huge building. Only 30 units but they wanted $1,150,000 and the numbers just didn’t work at that price. My Maximum Allowable Offer (MAO) is $950,000 but I mentioned somewhere between $900k to $925k to the broker.

Btw, I’m learning that LOI’s are the way to go in commercial deals because of all the due diligence that you have to do I guess if they accept the LOI terms. And then you write up the agreement of sale.

But I’m still excited about verbally (or well typing) giving an offer. That’s my first one ever on an apartment building.

Will let you know what the broker says. He’s been pretty cool with all of my questions and such so far and even was cool when I mentioned I didn’t want to offend him or the seller with my offer and if the seller was negotiable? 🙂

Off to do an ATM install at the Chinese Buffet (we switched the day to today….I’ll post about that cuz I’m a lil ticked off at my ATM folks.) Plus next week or so, we’ll have another install at a cash only deli (go Kathy!) and ummm guess what? We need to order a new ATM for that place lol

P.S. Rachel and Scott gave some good advice into my plugin issue…I’ll try to check it out later. Grr!

P.P.S. I know I’m pulling a Steph here with all the p.s.’s and such but just thought I’d let you know that I AM NERVOUS!

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First Day of New Freedom Path

personal freedom

Well today is the first 1/2 day of the new apartment hunting path! I say 1/2 day because I have to go to the oral surgeon for a consult (getting wisdom teeth out this month) and then I have an appointment later for the p/t Rainbow gig I’ve been doing.

I told the guy I’ve been doing p/t work for on Friday that I’d no longer be doing it. I said that if he was in DIRE need that I may be able to help him by training new folks on the weekend, but that’s it. So I finished up trainings this weekend and this evening I have 1 more and then it’s full steam ahead!

This is so exciting. So what we’ve been doing thus far:

1) Re-reading “Apartment Riches” course by Dave Lindahl.

2) I went to Creonline and printed out every article that Ray Alcorn wrote and Dave Lindahl wrote.

3) Next, I will go to Creonline and read and/or print out every informative post that I find by Ray Alcorn by using the search feature.

4) Kathy and I have been on loopnet and the MLS searching for apartment buildings. We’re looking at ones with 40+ units. We are then getting the financial information on the properties and after we go over the “evaluating the deals” section of the “Apartment Riches” course again we will start figuring out the numbers on all of these properties that we find. We’re going to evaluate tons of deals, whether we are interested in them or not, just so we can practice doing this. We’re going to do it on paper first and then plug into the numbers that come in the software that we got with the course.

5) I’ve listened to about 7 or 8 cds of “Success Stories” which are extremely motivating and some are actually really, really educational. Kathy has just finished listening to them as well.

I’m ready folks…and I mean business. I have faith that we will have our 1st apartment building by March. With dedicating all of my time and energy to this there is no reason why we shouldn’t??

Oh and that other strip club we were working on trying to get? He called me the other day just to see how long it would take us to get a machine for him because the guy that he’s currently using who promised to put a new machine in is screwing around. He said “I’m giving him til the end of the month but this is the 2nd time I had to call him and ask about his progress?”

When he asked me how long it would take to get him an atm I said “we have a machine ready to go with your name on it baby!” He was like “oh ok. Great!” lol Sooooo, I’ll follow up with him shortly too. Actually, Kathy and I have to fill up our other atm this week so we’ll probably stop by and see the guy in question too!

Oh and my neighbor just texted me and said she’s done labeling, stamping and stuffing our envelopes for our direct mail campaign!

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