A broker called with a 48-unit property worth $3.65 million after the buyer's competing offer fell through. The deal came together because he'd built rapport with the broker, responded fast to messages, and kept a standing offer on the table with biweekly follow-ups.
Questions this video answers
48 units
$3.65 million
Within 24 hours
Every two weeks
A competing buyer backed out and the seller chose the speaker's standing offer
48 units, $3.65 million deal. How did you come across this deal? How did you identify the deal? How was that process?
I actually came across from a broker. I actually reached out to the broker regarding a different deal. Even though I knew this deal wasn't going to fit in my buy box, I wanted this opportunity to really make that connection and give them the respect. I responded to him within 24 hours and said, listen, this deal doesn't work, but if you have something in this criteria that fits my box, please send it my way. I will submit an offer in 24 hours if it makes sense. For me, this 48 units was the only one that I felt really made the most sense for our investors and for what we're trying to accomplish. So I submitted an offer and they had actually accepted our offer. And then actually before we were able to execute a contract, they had another buyer that submitted an offer. I stayed up on him every two weeks. I would just pick up the phone and give him a call and say, hey, listen, how are things going? You know, are things progressing? If you tell me in the next few days that it's going to be available, I would like to submit an offer. So he called me back the very next day and he said, listen, the seller backed out. If your offer still stands, he would like to sell you this 48 units. And so that's how we ended up getting under contract. And then rest is history, like they say.
