All Forum Posts by: Simon Cox

@Lilla Horvath
I would be interested in seeing the financials please! 

Thank you

@Jason A. Smith

I'm still just a beginner but after listening to podcast 162 (Link) I realized it's pretty important to have a CPA well versed in real estate strategies.

I actually called and signed on to do my tax work with @Amanda Han after listening to the podcast. 

All the best

Congrats @John Upperman!! 
Way to get in and get r done! Thanks for affirming once again to someone just getting started that it's more than possible.

All the best,

@Gino Barbaro

The seller wasn't budging on his offer and I couldn't take it (per financing) so I gave one last shot to let him know I wasn't going to accept. 

I would assume they'll re-list. The seller is looking to move up into a bigger property.

@Engelo Rumora

I'll be moving to the metro-detroit area this summer and will definitely be coming down to hang out! 

See ya in a few months.

Count me in, I'll be moving to Dearborn this summer and looking to get connected! I'll be focusing on buy-n-hold in the multi-family arena!

All the best,

@Hubert Washington

Thanks Hubert! I'll get started one way or another, 9 more to offer on! haha Great Edison quote. All the best in getting into the apartment game!

@Gino Barbaro

Things went sour in negotiation! I'm assuming the seller will be putting it back on the market! 

Thanks for your help during the process, you gave some great advice! What are your thoughts about the seller's request for $ outside the title company?

@Account Closed

Would have been my first ever deal. I originally wanted to go into small multi-families but when I saw that apartments were an options I decided to head that way. I heard from a few investors that if you do your homework, it's not as daunting as it seems. I can't say all that much about it since it didn't go through. However, I think my errors were in the negotiating rather than deal analysis. I was using a bank as the lender and have savings that would cover the down payment. 

Thanks for your questions, hope that helps!

Hi everyone!

I took (tried to take) my first plunge into the investing game earlier this month and decided to make an offer on a 23-unit apartment complex just outside of DFW. Things were going great and I was standing to make 18-20% COC if everything played out. Turns out things didn't play out! Here's what happened:

I needed to extend the closing date out 3 weeks per the lender's request. My attorney suggested extending the feasibility period along with it. As consideration to extend the date, I offered another $2500 in option money (originally $2500) to the seller. I know now this was probably a bad idea. However, the seller said he would extend the closing only 2 weeks, no feasibility extension and the option money was to be paid cash outside of the title company not to be applied to purchase price upon closing. My agent and I thought this was strange and so did a good friend of mine who told me I needed to play a little harder. I responded with a best and final offer consisting of the same terms as well as a reduction in price for items found in the inspection. I was pretty sure the seller would reject it (which he did) but I was advised to give it a shot since I was not going to agree to his terms anyway. 

I learned a lot during this process and have taken notes on things I won't be doing again! I'm bummed the deal didn't go through but I know there will always be another one. I'm extremely thankful for all the folks here on BP that walked me through all my dumb questions throughout the process of searching, analyzing and negotiating. 

Thanks everyone, here's to bigger and better deals!

Any thoughts or questions about the deal are more than welcome.

@Dave Hurt

Congrats man that's awesome! Hopefully this will be the first of many!