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219: The Offer Process: New Listings, Tours, LOI'S and Being Awarded the Deal with Josh Cantwell
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Ok, you’ve made up your mind and you’re prepared to jump into multifamily real estate. You want to buy something, but where do you start? What steps need to be taken in order to actually make an offer and secure a deal?
In this episode of the podcast, I’ll be walking you through what many investors call “The Process.” You’ll learn the framework I use, from gathering all the necessary info from brokers, to underwriting the deal, to creating a letter of intent, and every step in between for being awarded a deal.
I’ve been through this process dozens of times, and have it dialed in. So, if you’re a new or intermediate investor who has never made an offer on a broker-listed deal, this is a high-level overview, just for you!
Key Takeaways with Josh Cantwell
- Step 1: Finding brokers and getting access to deals.
- Step 2: Evaluating the offering memorandum and financials.
- Step 3: Underwriting the deal.
- Step 4: Scheduling a tour of the property and the first call for offers.
- Step 5: Follow-up phone calls with the listing broker to gather more information
- Step 6: Writing your first LOI
- Step 7: Waiting for a response from the broker.
- Step 8: Taking the top 5-6 offers
- Step 9: Second call for offer date for the top offers
- Step 10: Submitting your second LOI and narrowing down the top 2 buyers
- Step 11: Third call for offers and then seller picks a buyer and awards the deal
- Step 12: LOI is sent to the attorneys and the purchase and sales agreement is completed.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/219
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Connect with Josh Cantwell
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