Multifamily Missteps Hosted by Jerome Myers

$250,000 Hard and the Seller Won't Give an Extension - Charles Seaman

January 04, 2022 Jerome Myers - The Preeminent Authority on Dream Realization
Multifamily Missteps Hosted by Jerome Myers
$250,000 Hard and the Seller Won't Give an Extension - Charles Seaman
Show Notes

We take great lengths just to get a great deal done, but perhaps looking into the aspects of the contract can bring us a better advantage throughout the process. Charles Seaman shares how having an extension built into the contract is advantageous although requires consideration of the cost. His story also tells us the importance of establishing good relationships for easier communication and transparency.

[00:01 - 04:22] Opening Segment 

  • Charles Seaman on early involvement in Multifamily Investing
  • Why single family investing did not work out for him

[04:23 - 12:46] The Push to Better Positioning in the Deal

  • Extension built into the contract for the 11th hour
  • The advantage of good relationships for transparent negotiation
  • Catching the broker’s attention via email

[12:47 - 19:13] Being Wise in Handling Cost of Doing Business

  • Recognizing the true cost of legal fees and loan applications
  • The significance of due diligence and financial reviews
  • When the seller is not accommodating

[19:14 - 20:49] Closing Segment

  • Why you should make as many mistakes as you can
  • Final words

Tweetable Quotes:

“So with any contract, one of the things that I would always advise anybody to do, regardless of how fast you believe that you'll be able to close the deal is to make sure you have an extension built into the contract.” - Charles Seaman

“So I think part of the problem with our early transactions is that we would wait until we were about halfway through our due diligence period, to submit the loan application and to start our offering backs.” - Charles Seaman

“Make as many mistakes as you can… That's how you learn. Don't be afraid to make mistakes. Obviously, if you're using somebody else's money, be smart about it so that way you're not tossing them anyway. But learn from your mistakes. Figure out where you need to adjust course and then keep making new mistakes [so] that we keep growing.” - Charles Seaman

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