MY FIRST MULTI-FAMILY DEAL!!! (Well, agreed on purchase price ;)

[Ryan Franklin]

Hello fellow BPers! So I just successfully negotiated a purchase price on my first deal! I gave it a pretty slim shot on getting this deal, but I woke up this morning to an email from the seller's agent agreeing to my terms! I can't even begin to explain the flurry of emotions that bubbled up - a mixture of 'OMG I CANT BELIEVE IT' excitement quickly followed by a 'HOLY CRAP WHAT DO I NOW?!' freak out episode! It's a relatively small deal on a 14-unit that I'm doing on my own (not syndicating) - but I wanted to get some experience under my belt so it will give me some credibility when moving on to do larger syndicated deals. Anyway, the seller's agent just sent me over a draft purchase agreement and requested me to provide him with any changes...but the problem is, I have no idea what I'm looking at! Everything looks good to me, as most of the information is in-line with what I put in my LOI...but I was hoping one of you experts out there could take a look and let me know if there is anything I should change.

Also, I'm sure someone out there has a checklist of everything I need to do leading up to closing - I would really appreciate the help figuring out what to do now!

[Thomas S.]

Your lawyer and/or agent should be advising you on the contract and walk you through to closing.