Five things I absolutely need from you if you want me to help you buy an apartment building:
1. Communicate exactly what you want. Some people really want to buy a turn-key deal right near their home and don’t care about the financial returns. Obviously, this is not my preferred strategy and I will always make my objections known. Once. After that, I will work my ass off to deliver exactly what the client wants. So better to just be very open up-front and then let me help you find the best deal within your parameters.
2. Be open about your finances. There are tons of ways to finance acquisitions of buildings and I can get pretty creative. But I can’t really help unless you are totally candid about your situation, including any issues with credit, whether you’re getting your downpayment as a gift from parents, etc.
3. When I send a potential deal, respond quickly. At any time, there are a handful of reasonable deals on the market, and they go extremely quickly. When I send you one of these and tell you it’s worth looking closely at, look! I’m not trying to railroad a shitty deal through. I’m trying to help you grab one of good ones before someone else does.
4. Ask questions. I try to avoid using jargon when I speak with clients, but sometimes I can’t avoid it. If you’re interested in learning it, this piece is a good place to start. If you’re not interested enough to learn it, just ask. No one ever accused me of not liking to hear myself talk, so I’ll be very happy to explain (at great length, if you let me!).
5. Understand this is a process. Every deal is different and I learn from each one. The reason you’re considering working with me is that I’ve done a lot of them over the past few years and I’ve learned a lot. But that doesn’t mean I know everything. And you almost certainly don’t either. Our goal is to work together to maneuver you into the property that makes the most sense for you, at the best price, while minimizing the risk. To do this, we’re going to be flexible and willing to shift directions, always keeping your end goal (see #1 above) in mind.