My First Offer

[Brett Thomas]

Hey yall,

Need some guidance on my first offer. It's on a 20 unit apartment complex.  I'm going to request seller financing offering 15% down. The seller is asking a lot for it, and frankly I'm pessimistic about my chances, so I view this as practice more so and if by some stretch of luck I can get a deal, I'd be more than tickled.

1. When someone asks you to make them an offer, it isn't binding unless it's on an official LOI, correct?

2. I plan on creating an entity soon. Does the entity buy this property or do I buy it in my name?

3. How specific should I be in my first offer? Do I outline things like preferred length of due diligence, certain contingencies, etc?

4. I saw a checklist on due diligence periods when purchasing these types of properties, can someone direct me to that link?

5. Any info on the financial analytics of purchasing these types of properties would be helpful too.

Thanks guys. Any advice or help will be greatly valued.