We have a mutually accepted offer. Broker non-negotiably demands that I get prospective capital partners on the phone with him before he will allow a binding purchase contract to be executed, to ensure there are soft commitments to cover the closing before we proceed. Despite my efforts to explain to the broker the fact that I need the contract in order to secure capital, they won’t budge. However I have built enough of a relationship with the broker for him to hold off on competing buyers & give me adequate time to gather soft commitments to ensure the closing before letting me get under contract. Broker wants me to be the buyer but is seeking assurance. I am presenting an opportunity for an investor to be the first partner in to help open this deal. ℹ️ Overview: The plan is to acquire The Fidelity Building, a historic, renovated, fully occupied, 24-unit, 7-floor, elevator equipped building on Fourth Ave in Downtown Pittsburgh, a major city, in direct vicinity to Point Park University, with an even mix of 2 bed & 4 bed (all 1 bath) units fully occupied at ≈30% below market rent with all utilities paid by the current ownership, it includes a large, 3800+ sqft street level retail space with mezzanine offices overlooking the retail space below, as well as rooftop telecom antenna leases with Verizon & Comcast being operated by the locally headquartered telecom infrastructure subleasing company Crown Castle, who manages the telecom tenants for a profit split on long term leases that expire in 2045. The building also rents roof space to the neighboring Standard Life Building who have placed their own AC units on the Fidelity Building’s roof & are paying for the roof space occupied by the AC units on 5-year lease terms with renewal options & built in rent increases. The building is fully sprinklered & equipped with security systems & 4 coin-op washers & dryers for the students/tenants. Providing well-diversified income. The security monitors & central systems are housed in a semi-spacious security office just inside the residential entrance of the building which can double as a private office for us to run our Pittsburgh-based multifamily operations out of. I am a local residing within a 10 minute drive of this building who is very familiar with this market.

What should I do if I can't find many deals in my local vicinity

Some of you want to find deals and run them yourselves. Some of you would rather put your money into a deal and let an experienced operator run it. And some of you would do either one for the right deal. So which one are you? Vote, then tell me why in the comments.

Finally got my 78 unit deal into contract, now the due diligence fun begins!!! And the enjoyment of my BIG 1031, selling 2 single families, a duplex and a 9 unit in the next 120 days.

Have you called a broker about just one listed property in your market this week?