All Forum Posts by: Brian Stefanelli

I am looking at a four unit and requested the T12 and current rent roll from the agent. What I received in return were lease agreements from 2016 which are month to month and a document called a "financial statement" which consisted of a list of expenses (oil, sewer/water) That was it!

It's a value add opportunity with one unit vacant (not sure why yet) and needs upgrades in units.  

Do I have my agent press the seller for more financial data and current rent roll?  Is this an opportunity because it's obviously being poorly managed?

Any insight would help.

Thanks!

Has anyone made made two offers on the same property?

I made an offer 4 months ago on a commercial property that was not yet listed on the competitive market and didn't even get a counter.

I will admit that I gave a low ball offer and the broker shot it down.  

Fast forward four months and I see the property on Loopnet for the same asking price.  Now that I have some distance and more knowledge on the property class I feel I should make another attempt. 

Any thoughts?  I know outbidding myself is not the smartest thing to do!

Thanks @Justin Silverio for making the process sound less stressful for me.  

@Adrienne Bryson Do you use a letter of intent at the initial meeting?

So I understand the basics of direct mail campaigns but my problem is knowing what to do when someone actually calls back!

I am probably over analyzing this but I don't want to sound like a total idiot.  My question is what is the process once you do receive a call from a motivated seller?  Do they suggest a price they would be willing to sell for? 

Do you then need an attorney to create a purchase agreement? 

What is the formal/informal process?

The only experience I have is buying my primary residence in which I used an agent to acquire.

Thanks @Levi T. I'm the actual buyer. I'm looking at Post Office buildings.

Thanks @Zane O.!  So I should mention that I am pre-approved and looking for a property that has xyz...

I'm interested in buying commercial property out of state and I have a list of landlords I would like to contact.  I just don't know how to word a letter that would present myself as being a serious buyer.  I do not own any commercial property.  

Any suggestions on the content and tone of the letter?

Thanks for your input!

Hey @John Claborn I had a call with them this week and a few things turned me off so I decided not to move ahead with them.  You can PM for details if you like.

What would be the ideal list(s) to send direct mail to if you were interested in wholetailing?