A Behind the Scenes Look at a Recent Deal I Lost

Mar 14, 2022

Today, I discuss an important matter worthy of conversation.

This time eventually comes for investors. If you want to have an active role in your multifamily team, prepare yourself for this because eventually, this reality just comes by and punches you in the face.

Thank you for tuning again for today’s show! Let’s get into it.

[00:01 – 01:57] Opening Segment

• It’s been a while since I last had a solo show!
• • Let me share you my stories every once in a while, from now on
• Today: Let’s get down to what happened at a deal I lost
  
  

[01:58 – 13:28] What happened with that deal

• The things we liked and the things we didn’t like
• • A good steal of an offer in Florida
• Taking matters into our own hands
• • Doing the due diligence through inspections
  • What we discovered through inspections
• Why we do what we do
  
  

[13:29 – 17:04] The response to the matter at hand

• A tight budget can’t make solutions possible
• Making the final attempts
• things might end up happening again in the future
• • An unwillingness to negotiate
  • Renovations are a must
    
    

[17:05 – 21:51] Closing Segment

• This happens more often than you know
• • Months of work were thrown to waste
• Wanna get punched in the face? JUST DO IT!
• Final words

 

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Tweetable Quotes:

“It was definitely a strange situation, but these are things that we could come across as operators looking to enhance value add deals. We look for these Mom and Pop deals that are kind of not as efficient as they can be and we go there and we increase, enhance efficiency, raise rents, to where they should be, providing really nice housing for people.” - Nico Salgado

 

“I cannot tell you how many properties this happens on. This is commonplace if you are looking to be a general partner or you’re looking to manage deals, if you’re looking to be an active operating member of a multifamily team.” - Nico Salgado

 

“This is part of it. Months of our time, $6,000, a ridiculous amount of hours put into these meetings and effort and energy, on top of all of our full time jobs. We were pulling strings just to make this work months of our time and now all of a sudden, it falls through. - Nico Salgado

 

“You need to love it because you’re going to get the shit kicked out of you a lot, and this is just part of it.” - Nico Salgado