Next Step: 120 Units in One Deal

[Nicholas Glatter]

I’ll try and make this quick.

A month ago I sent out a mailing campaign (my first one ever)

I was able to break my list down to 8 handwritten letters, very niche.

One month later, I received a call from one of the owners I had contacted. His email went something like this “Thank you for your letter and your consideration. I’m not interested in selling one of my duplexes but would consider selling all 120 units. You have my number, please call me if you’d like to talk more.”

Initially I was very excited by this call and taken back. After a little processing time, I’ve come to two conclusions.

1. As I’m new to the business, with only one property under my belt: There’s no way I could handle managing 120 properties right out of the gate.

2. I’m in no financial position to take on a portfolio worth approximately 18 million. Not to mention if i did close said deal, what of a mishap someplace down the road. I don’t have the finances yet to handle a hiccup down the road.

With that said: What should I say to him when I call? My thoughts are:

1. What is motivating you to sale?

2. What is your asking price for all units/per unit?

3. Seller finance?

Any advice on this would be greatly appreciated before I make this call.

I’m military also so I’m going underway soon for a while which makes this situation complicated timeframe wise and ability to work on such a huge deal.

[Doug Spence]

@Nicholas Glatter Congrats on the solid lead! Love to see fellow military folks crushing it. I would call back and get as much info as possible. It sounds like you're not in a position to take this deal down yourself, but I guarantee you could take all the info you get from the seller, package it up in an email, and find a group of investors who would want it. Then you can get a finders fee which will more than pay for more marketing. Or maybe they will agree to you being a GP on the deal so you can get some equity in it. Best of luck and keep us updated!