People often ask for VIP treatment on our deals. We reply that we don’t play favorites with our buyers and we run a fair process. The truth is, we do favor STRONG buyers over weak buyers. Those strong buyers are the VIPs who win our deals often-even at lower prices.
Here’s today’s agenda:
- For Sale – 24 Real Estate Investor Deals
- 3 Deal Killers
- Podcast on Property Radar with founder Sean O’Toole
- How to Borrow OR Lend Private Money (Masterclass)
- 3 Steps to VIP Treatment on Diamond Equity Deals
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Today’s Featured Deal For Sale 10 Units + 4 Garage Spaces
Galewood Section of Chicago, 60639
For Sale 6221 W. Wabansia Avenue, Chicago, IL 60639
I’ve owned this building since 2019. During that time, I’ve torn off & replaced the roof with a 20 year membrane, rezoned to legalize the basement units, added HVAC in 9 of 10 units to maximize rent, and updated most of the units.
The average rent per unit is $1,400 and each is 2 Bed 1 Bath. This is desirable because 2 bed units rent quicker & go vacant less often than 1 bedroom units (people form relationships & move quickly thereafter). This building also has separate electric & gas meters leaving only hot & cold water expenses on you, the owner.
- Current Gross Income $150,000
- $500,000 Capex in the Past 4 years
- Garages may be rented at $150/mo per space
- On site laundry, managed by 3rd party
- View the Offering Memorandum
- Price $1,149,000
Please contact my broker, Jason Marcordes, at 630-842-5557
Kiavi offers Hard Money Loans Starting at 9.64%
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How to Get VIP Treatment on Diamond Equity Deals
First, let me begin by highlighting that we run a fair process on every deal. We don’t play favorites with any buyers and give everyone an equal shot to present offers on every deal.
To gain VIP status, you simply follow these 3 steps and earn your reputation as a strong buyer:
- Make the Offer
- Large EMD
- Always Close the Deal
Step 1: Make the Offer – ALWAYS make your offer. Sitting a deal out is the 100% guaranteed way to NOT get the deal. We appreciate all offers made, even when they are below (sometimes significantly below) our offer price.
Step 2: Large EMD (earnest money deposit) – We often choose our buyer based on the strength of the offer. In other words, we ask ourselves, “What are the chances that this buyer follows through on their offer & closes the deal as they agreed?”
While our minimum suggested EMD is just $5,000, buyers will sometimes put much more on the contract, such as $25,000 or more. One buyer who really wanted a deal put down $125,000 EMD on a $125,000 purchase price. They won the deal. Large EMD = Strong Offer.
Step 3: Always Close the Deal – We sell a lot of deals to buyers who have performed with us in the past. Close your deal as agreed, and reputation is cemented as a strong buyer.
If you cancel or try to renegotiate a deal, any future offer you make will be viewed with great suspicion. Your reputation will be cemented as a weak buyer who doesn’t follow through.
Strong buyers win deals over weak buyers when their price is higher.
Strong buyers win deals over weak buyers when at equal prices.
Strong buyers even win deals over weak buyers when their price is lower.