So far this week we looked at 2-30 unit properties, 1-36 unit property and I looked at a a duplex, triplex and 4 unit the other day and a 4 unit (possibly 5) property today. I just scheduled a Saturday appointment for a duplex. Normally, we might not be interested in the duplex but I spoke to the lady on the phone before and she just faxed in the fax back form. On the form she gave a price and then said “or best offer” (I love hearing that) and wrote real big: Need to Sell!

After talking to her again and asking why she needs to really sell it’s actually kinda sad. This is the part of investing that I think sometimes may be a bit more difficult for chicks rather than guys. Ya know we get those emotion things involved. I mean I’m not saying that affects my buying decision but I’m definitely super sympathetic and empathetic. Anyway, she lived in a house that had mold issues for sooo long, TOXIC MOLD issues and 1 of her cats and 1 of her dogs ended up dying because of it and now she’s super sick because of it. So she has to move (and no, she doesn’t live in that house anymore and no, that’s not the house she’s trying to sell!)

The properties I seen today were very nice. The nice rental units I have EVER seen….EVER. There are 4 units now (single family house, a duplex, plus 1/2 a duplex.) Plus, the husband wants to make the other 1/2 duplex into an apartment. So it’ll be 5 units total and they want $750k for 4 or $790k if the 5th apartment is done first. Uhhh no. We offered 900k on a 30 unit! (and eventually, I think they’ll go for it, because that’s what it’s worth…) But the sellers I absolutely adored….older couple who just want to retire (home improvement/roofing biz) but they are a lil unreasonable right now.

I’m pretty sure we’ll draw up an LOI for the 36 unit we saw the other day and I’m seriously trying to figure out how on earth we could purchase a 120 unit property that is 70% occupied. I think it’s got HUGE upside……but I’m still trying to get my head around figuring things out that aren’t the “norm” yet.

Things are chugging along….I told Kathy that I don’t think properties are the problem and that we need to concentrate on finding private money more. We decided that for the smaller deals we’re going to seek out debt investors to just lend the entire loan amount and for the bigger deals we’ll use equity investors and just take a percentage of the deal. Equity investors just doesn’t make sense for these smaller deals…..financially speaking for us, anyway.

I finished a free report on Investing in Emerging Markets last night and today or tomorrow I’ll finish our Investor Brochure for folks that are potentially interested in investing in commercial real estate deals.

That’s why I put my ass in high gear to get this investor brochure together. The next step is to set up a meeting with him and his wife (I guess he’d want her involved…I dunno??)

So far, my monthly poker tournaments have found me 1 private lender and potentially 1 more. There’s another guy that comes sometimes that I’ll definitely hit up….but haven’t seen him in a bit. I know he’s got bucks too!

Ok off to finish my brochure now. Oh and if you are reading this and you’ve done any deals with 100+ units that had 70% occupancy or around there, please email me. I’d love to talk to ya!