Creative Capital Podcast 109: Buying Your First Multifamily Deal: Part 2

<p><span style="font-weight: 400;">Welcome back to the Creative Capital Podcast with Josh Ferrari! This No-Limit Minute Segment is Part 2 of a multi-part series about buying your first multifamily deal. I am going to take you through the step-by-step process of acquiring your first multifamily deal and share all the things you need to know before starting your journey. In this episode, I will talk about everything you need to know about writing and submitting an LOI or letter of intent. I will share all the items that should be included in your LOI and the things you should consider before preparing it. I will also talk about negotiating an LOI and the importance of having partners throughout the whole process. Listen in!</span></p> <p><br /> <br /></p> <p><strong>[00:01 - 13:02] What You Should Know Before Writing Your LOI</strong></p> <p> </p> <ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">What is an LOI?</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Why it’s important to get your boots on the ground</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Your partners need to have the ability to raise money</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Asking for early access to the property and documents</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Reviewing the flood map</span></li> </ul> <p> </p> <p><strong>[13:03 - 33:15] What to Include in Your LOI</strong></p> <p> </p> <ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Seller’s current insurance policy and title commitment</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Surveys and existing leases</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Current and past capital expenditures</span></li> <li style="font-weight: 400;" aria-level="1"><sp