We start with our initial due diligence period with our partner, Ken, who is underwriting the deals. When we get a lead, it goes directly to our acquisition team. Right now that's Eric and Della who will do a little bit of property research and grade the property using a grading system. Then it is sent to Ken to complete an initial analysis.
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We start our acquisition with initial due diligence that could involve questions back and forth. The second stage might involve a quick preliminary tour of a property, just to make sure the condition is there. They need to pass the sniff test. When we are confident it is a deal we will submit an LOI, the letter of intent.
The LOI isn't a whipped together piece of paper that says, hey, we really like your place, we want to put our best foot forward. It includes all of the information about us and the type of properties we hold. We want to show that we are real buyers so we include our proof of funds and a credibility deck. A credibility deck shows who we are, what we've done in the past, what apartments we've done in the past, what lenders we work with. It’s our resume with references to prove that we are for a real deal. This can often make the difference in our offer getting accepted over competing offers.
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Invest Smart. Live Happy.
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