Whats the next step advice?

[Rachel Damaral]

I recently got approved for private funding. My partner and I are looking at an 8 unit in Jacksonville, Florida. We're newbies and need some advice on the next steps to take. Contact the listing agent? Send an LOI? Wait for the appraisal to come back? This will be our first deal if we accept the CLA terms. Thanks BP

[Greg Dickerson]

@Rachel Damaral you need to get all the financials and underwrite the deal before you can submit an offer. No LOI is necessary on small deals like this just a contract once you decide to move forward. Once your offer is accepted you take that to your lender along with your business plan and they do their underwriting. If it passes they will shoot out a term sheet, order an appraisal and move to closing. You need some other due diligence items along the way after they approve your deal like inspections, surveys etc. Are you working with a commercial broker? Preferably a CCIM. feel free to reach out if you need some help.