E89: Chris Roberts - He manually sifted through the seller's records to buy 112 units off market!
True Multifamily
English - September 16, 2021 21:23 - 26 minutes - 24.8 MB - ★★★★★ - 22 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Chris Roberts of Sterling Rhino Capital joins True Multifamily to share an interesting but challenging experience when he dealt with a direct seller who isn’t the main decision-maker with poor knowledge of the deal. On this specific deal, he deals with a 112-unit off-market deal with manual records with a $5.2M asking price.
After 11 months of negotiations, his team got it down to $3.875M, but not without all the issues and challenges. He built the manual records by reverse engineering to get the actual numbers and built an ironclad contract with a bad debt clause.
Chris also shares how having enough cash reserves definitely helps you get out of trouble and shares the current challenges he faced when finding the right contractors during the pandemic.
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