They don't know what to expect. They don't know how it works.
So they naturally have unreasonable expectations and there is a lot that can get lost in the shuffle.
And it creates stress.
Want to know how to get brokers to bring you deals first?
Want to build a machine that can buy real estate while you play golf?
Have a very professional and organized METHOD for closing on a property.
It's a system. And here's how we do it.
A thread 👇👇👇
They don't know what to expect. They don't know how it works.
So they naturally have unreasonable expectations and there is a lot that can get lost in the shuffle.
And it creates stress.
So their hands are tied.
And for that reason a lot of closings are shit show. They are delayed. They end up with lawyers huddled up on Thursday night at 10pm.
Set the expectations.
Set the timeline.
And be a professional.
Get a signed letter of intent that lays out the terms for your attorney to draft a contract with.
Step two (5 minutes after signed LOI)
Send out an email linking all of the parties and outline their role and a timeline.
Include the brokers and mention them as contacts for questions or if anyone needs more info.
Include the seller so they know what is expected of them and when.
Introduce the folks on your team:
This person will be overseeing the inspections. This person will be overseeing the third parties. This person will be analyzing the rent roll.
A timeline.
We need this information by this time. Our appraisal should be back by this time. We hope to be cleared to closed by this time. We need tenant information and facility specifics by this time.
We hope to close on this day.
So that way you don't have bottlenecks. Everyone is on the same page.
AND THE PROCESS GOES SMOOTHLY.
And it needs to be tight!
With expectations, roles, templates and all.
The process doesn't stop at closing. Thats when the going gets started for you!
You need to build a system to roll the property into your portfolio.
To get the tenants on your system.
To get the contracts in place.
And to get the capex completed.
More from Nick Huber
How to get smarter very fast:
Interact with smart people here on Twitter who have different world-views than you do.
And let them change your mind on something.
Here are the 30 people you should follow (along with my favorite tweet from each)👇👇
Twitter can be terrible if you follow negative people.
It can also be more valuable than a college degree if you follow (and network with) the right people.
You get to look right into their brain and read a daily narrative of HOW they think.
Ok lets go:
#1: @ShaanVP
You know he's all about venture capital based entrepreneurship. I'm about small (non-sexy) business. We disagree on a lot of stuff.
But he's done it and he's won. Bonus follow: @theSamParr (@myfirstmilpod podcast
#2: @fortworthchris
He is where I want to be in 15 years. Has built a massive real estate private equity firm from the ground up. Super grounded with what the way he does business and his podcast @theFORTpodcast is top
#3: @Julian
I'm a scattered thinker and procrastinator.
Julian is a master of clear thinking and simple but effective writing. A world class example of content marketing and
Interact with smart people here on Twitter who have different world-views than you do.
And let them change your mind on something.
Here are the 30 people you should follow (along with my favorite tweet from each)👇👇
Twitter can be terrible if you follow negative people.
It can also be more valuable than a college degree if you follow (and network with) the right people.
You get to look right into their brain and read a daily narrative of HOW they think.
Ok lets go:
#1: @ShaanVP
You know he's all about venture capital based entrepreneurship. I'm about small (non-sexy) business. We disagree on a lot of stuff.
But he's done it and he's won. Bonus follow: @theSamParr (@myfirstmilpod podcast
10 years ago, Netflix spent $0 on original content.
— Shaan Puri (@ShaanVP) January 14, 2021
This year:
Netflix: $11B
Apple: $6B
Disney: $1B
+ amazon, hulu HBO etc.
=
$20B+
Here's a crazy startup idea to take a swing at this $20B+ content pi\xf1ata. \U0001f447 Here's a quick business plan \U0001f914
#2: @fortworthchris
He is where I want to be in 15 years. Has built a massive real estate private equity firm from the ground up. Super grounded with what the way he does business and his podcast @theFORTpodcast is top
When buying a deal, every day that goes by, the potential for tunnel vision grows.
— Chris Powers (@fortworthchris) January 7, 2021
Obsessing over executing detailed Due Diligence early and efficiently is paramount to limiting this.
#3: @Julian
I'm a scattered thinker and procrastinator.
Julian is a master of clear thinking and simple but effective writing. A world class example of content marketing and
THREAD: 10 significant lies you're told about the world.
— Julian Shapiro (@Julian) January 9, 2021
On startups, writing, and your career:
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1/Politics thread time.
To me, the most important aspect of the 2018 midterms wasn't even about partisan control, but about democracy and voting rights. That's the real battle.
2/The good news: It's now an issue that everyone's talking about, and that everyone cares about.
3/More good news: Florida's proposition to give felons voting rights won. But it didn't just win - it won with substantial support from Republican voters.
That suggests there is still SOME grassroots support for democracy that transcends
4/Yet more good news: Michigan made it easier to vote. Again, by plebiscite, showing broad support for voting rights as an
5/OK, now the bad news.
We seem to have accepted electoral dysfunction in Florida as a permanent thing. The 2000 election has never really
To me, the most important aspect of the 2018 midterms wasn't even about partisan control, but about democracy and voting rights. That's the real battle.
2/The good news: It's now an issue that everyone's talking about, and that everyone cares about.
3/More good news: Florida's proposition to give felons voting rights won. But it didn't just win - it won with substantial support from Republican voters.
That suggests there is still SOME grassroots support for democracy that transcends
4/Yet more good news: Michigan made it easier to vote. Again, by plebiscite, showing broad support for voting rights as an
5/OK, now the bad news.
We seem to have accepted electoral dysfunction in Florida as a permanent thing. The 2000 election has never really
Bad ballot design led to a lot of undervotes for Bill Nelson in Broward Co., possibly even enough to cost him his Senate seat. They do appear to be real undervotes, though, instead of tabulation errors. He doesn't really seem to have a path to victory. https://t.co/utUhY2KTaR
— Nate Silver (@NateSilver538) November 16, 2018
Stan Lee’s fictional superheroes lived in the real New York. Here’s where they lived, and why. https://t.co/oV1IGGN8R6
Stan Lee, who died Monday at 95, was born in Manhattan and graduated from DeWitt Clinton High School in the Bronx. His pulp-fiction heroes have come to define much of popular culture in the early 21st century.
Tying Marvel’s stable of pulp-fiction heroes to a real place — New York — served a counterbalance to the sometimes gravity-challenged action and the improbability of the stories. That was just what Stan Lee wanted. https://t.co/rDosqzpP8i
The New York universe hooked readers. And the artists drew what they were familiar with, which made the Marvel universe authentic-looking, down to the water towers atop many of the buildings. https://t.co/rDosqzpP8i
The Avengers Mansion was a Beaux-Arts palace. Fans know it as 890 Fifth Avenue. The Frick Collection, which now occupies the place, uses the address of the front door: 1 East 70th Street.
Stan Lee, who died Monday at 95, was born in Manhattan and graduated from DeWitt Clinton High School in the Bronx. His pulp-fiction heroes have come to define much of popular culture in the early 21st century.
Tying Marvel’s stable of pulp-fiction heroes to a real place — New York — served a counterbalance to the sometimes gravity-challenged action and the improbability of the stories. That was just what Stan Lee wanted. https://t.co/rDosqzpP8i
The New York universe hooked readers. And the artists drew what they were familiar with, which made the Marvel universe authentic-looking, down to the water towers atop many of the buildings. https://t.co/rDosqzpP8i
The Avengers Mansion was a Beaux-Arts palace. Fans know it as 890 Fifth Avenue. The Frick Collection, which now occupies the place, uses the address of the front door: 1 East 70th Street.