My last deal was like a bad Lion King movie

[Tony Castronovo]

Like the "circle of life" my deal went "full circle"! 

• Initially viewed a great MF property in January
• 3 weeks of negotiations and finally under contract in early March
• Near the end of our due diligence, we discovered some flaws in the NOI calculations and a couple material discoveries that required us to renegotiate
• 3 lenders backed up my calculations with documented analyses
• Seller would not budge off contract price until 24hr before due diligence expiration (we came to him with a very reasonable purchase price and terms)
• We negotiated all the way up to 3hr before DD expiration only to have his final position end up equal to what we started with 2 months ago
• We terminated!

I am very disappointed as we did everything we could to get creative and look for a win-win.  But at the end of the day, we couldn't over pay for the property.  More experienced investors have told be not to "fall in love with the deal".  Not gonna lie...we really wanted this one!  But we did the right thing and walked away. 

There is a balance between working hard and being creative to make a deal work.....and trying to force something.  It was tough signing that termination notice, but luckily we weren't too financially vested in the deal and I learned a lot from the experience. Back in the saddle, looking forward, and offer going out tomorrow on a new property. Let's do this!