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Updated almost 8 years ago on . Most recent reply
Starting Out - Intro and Quick Question
Hello BP Community!
Just wanted to introduce myself. I'm from the DFW area and my ultimate goal is to invest in multi-family and be financially free :-) I've been researching investing for the past year and feel I have a grasp on the concepts/lingo involved. I'd like to start actually getting out there and looking at properties in order to apply my knowledge. I'd like my first investment to be a 16+ unit building. Something large enough to make it feasible for a management company but also something small enough to help get my portfolio started.
As a real estate agent, I have access to the MLS so I've been looking around on there. I've noticed a lot of commercial agents will put that a showing is available to those with a letter of intent. Obviously I'm not looking to buy quite yet, but am more eager to look at properties and crunch the numbers for practice. For all my experienced MF investors out there, would it be okay to email/call the agent and ask for the data for the properties even though I'm not ready to purchase? I'm not even sure if that's info they give to just anyone who calls them asking for it. Any help would be appreciated so that I can start on this journey!
Most Popular Reply
@Jennifer Brown Congrats on your new quest. Just to let you know a LOI is not anything that's binding you to the deal to perform as the buyer. So you can submit an LOI just to get the information you need to underwrite the deal to see if fits your parameters.
Another smart thing to do is to use loopnet in your area and find the agents that have the most commercial multifamily listings introduce yourself and let them know your specific criteria and kindly ask to be added to their list of deals they send out to their investors. Usually once your added to a list you will be able to download the offering memorandum that comes with all the actual financials that is reported by the broker or seller. Going this route you don't have to submit any LOIs to get the info you need to underwrite the deal.
Hope this helps!