All Forum Posts by: Matthew Rembish

Thanks again, Victor. That’s definitely great advice. I’ve lived my house flipping business like that so I probably just have to adopt the same mentality for this commercial stuff. My key is staying persistent...stubbornly persistent. 

@Matt M. You’re right, I’m just always conscious on spending the right time on the right tasks. At the end of the day, I could have set up my notifications better...

I totally hear you and believe me, I’ve put in a lifetime of sweat equity into my projects. I just think at a certain point, if you don’t start subbing out the minor, cheaper dollar per hour tasks, you’ll never start scaling and building wealth. I could have set up systems to have prevented this but at the end of the day, it’s a learning lesson.

Those are all excellent ideas! I did reach out to the agent after I got that initial email and we talked a bit about where I’d have to be at to make the deal happen. We’ve developed a good relations since our initial talks so hopefully she can help me on this one or the next. I will definitely consider explore your other recommendations though, thanks again for the input!!!

That’s definitely tough. It’s crazy how competitive everything is nowadays...

@Mark Fries I totally hear what you’re saying, but I’m not sure if it’s a matter of checking my email. I think I just should’ve had my notifications set up a little bit better. In retrospect, I should have had it set to siren when I got an email.

@Marian Smith You're completely right, Marian. It was my own foolishness for not setting my notifications up so I would be alerted when an email came through. I'm usually quick to act, especially with my background in flipping, because I know deals can go quick but I made the mistake of thinking that because it had been on the market a while, I had time (just like you said). You can be sure that the next time around, I will not let this happen again.

@Alina Trigub Thanks, Alina! I was definitely planning on it. I actually called the broker shortly after reading that they were going with another buyer to thank her for her time and we agreed to keep in touch since she had other listings all over the state and we enjoyed working together. I never like to burn any bridges.

@Account Closed Thanks a lot, Jenny! Hopefully, that's the case. Either way, the search continues!

Exactly one week ago (1/8/2020) I found a self-storage facility listed in Florida that fit the exact criteria I was looking for; room for expansion, operational improvement potential...you name it! I'm normally a house flipper but I've been looking to jump into the commercial game for quite some time now and self-storage was my target asset class since before I even started looking into flipping houses. Getting back to the story, I reached out to the agent right away for the financials and as soon as they were sent over, I ran a quick analysis and sent over my first offer and what do you know, it was accepted! I officially had a 73 unit building for $554,800 and I couldn't be happier. During our discussion, I was made aware that the numbers weren't completely accurate and that I would receive the final financials within a day or so. Later that week, they were in my inbox and I came to notice the expenses were quite a bit higher than originally discussed. I rescinded my original offer and re-ran my numbers. After a day of analyzing the numbers, while also getting pricing on automated gates, kiosks, etc, I came back knowing the highest I could go was $520,000 so I started with $510,000. A few hours later they responded with $525,000 to which I countered with my $520,000 final offer.

Now let me stop everything right here. I sent my final $520,000 offer in at 1:50 pm today (1/15/2020) and then left my office to go install cabinet handles at my flip in the next town over. At 2:15 pm, this was the email that I received from my agent:

Your timing was perfect! I was able to reach the sellers right away...and after some discussion... they ACCEPTED!!
I will amend the documents and send to your for electronic signature :)
Please let me know if you need anything in addition at this time.
Congratulations Matt!! I know you will make this a successful business & investment!! Very Well Done!

But guess what? I didn't see that email because I was working on my flip. I did check my email at 4:30 pm, however, to find out another buyer slipped right through the cracks and sent in an offer over mine. Did that really just happen?

Yup. I lost out on a superb half-a-million-dollar commercial investment because I was doing renovation work I probably could have hired out for $100 or less. This hurt big time, and it still does (being that it happened about 6 hrs ago). I felt I needed to vent and to show the BP community a very valuable lesson I learned today. Always be focused on working ON your business, not IN it.