Making Multifamily Money - Nov 11th 2024

Real Estate Updates

Update on my 18 unit offer. Sadly, the seller already received an offer and is under contract; however, I have not given up yet. Often times, people will make offers just to get the deal under contract then negotiate afterwards. If negotiations fail or lending fails, the deal will fall out of escrow.

If the deal falls out of escrow, this would be another leverage point for me to further pitch creative financing. The 18 unit isn’t over until it closes escrow. A lot of deals fall out of escrow (trust me since it took me 3 failed escrows to sell my mobile home park).

I am a big believer of control what you can control. I can only control me making consistent offers and being persistent in following up. If the deal closes, move onto the next deal. If the deal falls out of escrow, I can leverage the seller’s pain to win the deal and get creative financing without having the beat the seller up on price.

Real estate is just a numbers game. Make offers that make sense to you and only you (and of course the lender if using one). If you consistently make offers, you will get a deal eventually.

I will continue to monitor the 18 unit, but now onto the 14 unit and 5 unit apartment complex. I will keep you all posted.

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