"Unpriced" multifamily

[Serge S.]

I'm starting to get really annoyed with all the "unpriced" offerings. The seller obviously has a price in mind and its not too hard to figure out value. Why would a seller expect a buyer to spend time underwriting a deal, submitting an LOI, etc while having no idea what the seller has in mind. Why should I waist my time calling a broker to try to get in the head of the seller? Has anyone had any success purchasing an unpriced deal or do you just move on to the next?

[Jeb Riggin]

I'm finding it's hard to get my first large multifamily deal. Going into it I'm resolved to be rational and numbers-oriented on actuals but the T12 actuals are often misleading, plus it's hard to really know what kind of financing terms you'll get, and the loan terms can be the diff between 10% and 18% cash on cash. Plus almost every expense I settle on could easily go 5k in either direction, again forcing a retrace of $100k if it comes up in DD. Trying to be very meticulous and rational but at some point in the LOI and PSA stage you just have to sort of get to a certain point and then let go, and worry about it later in DD, and hopefully put off 3rd party reports until after you can pin down all the REAL expenses and income. Nobody every actually told me this, but it seems to be the case. I'm finding that the hardest part of this (and hardest by quite a margin) is the stuff nobody talks about. I also feel like people who are good at this and succeed often don't have the ability to put what they do until subtle, clear, profound insight. It's like asking a pro athlete how they do something, the answer rarely goes beyond fundamentals and clichés.