Sep 4 in General discussion
How to Close on Your First Apartment Building
Yesterday, I shared the first five steps to buying your first apartment building. Now, let’s get into the final steps to make sure you actually close the deal:
Step 6: Start Evaluating Deals & Touring Properties.
This is where it gets real. Carefully analyze each deal, and don’t rush it. Visit properties with your broker to ensure they meet your criteria.
Step 7: Make Offers & Negotiate.
Found a good one? Make an offer, but don’t skip the negotiation. Always aim to lower the price or get better terms, like owner financing.
Step 8: Do Your Due Diligence.
Before you commit, dive deep into the financials, inspect the property, and have your attorney review the legal details. If anything doesn’t add up, either renegotiate or walk away.
Step 9: Submit Your Paperwork to the Lender.
While doing your due diligence, get your documents ready for the lender. Hold off on the appraisal until you’re sure about the property. The lender will also check the property’s ability to cover the loan.
Step 10: Close the Deal & Start Managing.
You’re almost there! Make sure you’ve lined up a property management company and maintenance team so you can hit the ground running once the deal closes.
Want to learn more? I'm having a free masterclass on "How to Buy Your First Deal" tonight, September 4 at 8 PM EST. Comment “BUY” below, and I’ll send you the link.
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How to Close on Your First Apartment Building
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