As others have said, you are not REQUIRED to tell them the reason - and I would advise against it as at the very least will put you in a position for extended dialogue trying to defend your decision, or worse an accusation of discrimination.I would not lie and tell them someone else was first. 

Going forward, I believe we are on the same page that a higher level of dialogue would be beneficial so that we can confirm all parties are on the same page.I wish you the best on the project.

I hope this thread starts some great dialogue to get things going. 

Though the expanding interest in real estate may not be a positive note overall ... just this past weekend, while at the grocer, I had a front row seat to a dialogue between the cashier and bag boy on real estate investing.  

There is typically networking time, a teaching presentation with open dialogue and networking at the end.

Thanks David, your post has spurred the members for some good dialogue.

I agree with them about the pictures as well...why do I need a picture of myself in the dialogue box...I know I am the one typing it.

I don't plan on continuing this dialogue since I think I've said all that I have to say.Clayton – this is another reason I like new construction.

Cap rate = NOI/market value (not purchase price + rehab)NOI includes vacancy (over extended periods) and all expenses (including management fees even if you self-manage).Cap rates are technically only applicable for 5+ unit properties because < 4 unit properties are valued on comparable sales rather than cap rate (but the metric is applicable to all property types regardless of what you call it).These are some of the reasons you are getting questions above.Regarding your OP, there is lots of one-size-fits-all dialogue among real estate investors and business people in general.  

After awhile I decided to check if there's been any dialogue on the subject matter and ran across this old post.