https://chatgpt.com/g/g-68b4c9d06f04819184c7fd8d8fc1e9a4-osgood

Does anyone follow the 70% and 80% rule?

Here's a template for a Letter of Intent (LOI) that I use, after speaking with the seller or the agent, that actually has four separate offers broken down for the seller to choose from. Presenting multiple offer options in an informal letter of intent can be highly beneficial for both parties. For sellers, it offers tailored solutions that align with their unique circumstances, providing them with control and peace of mind. For buyers, it increases the chances of offer acceptance and demonstrates flexibility and market savvy. This approach enhances the overall appeal of your offer, making it more likely to stand out and be considered seriously.

Real Estate Investing Action Plan 1. Market Selection - Select my market: Analyze different real estate markets based on factors like job growth, rental demand, and property prices. Utilize online tools, market reports, and local agents to gather data. 2. Initial Steps - Pick your strategy to focus on: Decide whether to invest in single-family homes, multifamily properties, fix-and-flip, or other strategies. Learn about the advantages and risks of each. 3. Financial Setup - Did you open an LLC for my properties: Form an LLC to protect personal assets and gain tax benefits. Consult with an attorney or use online legal services. - Find a DSCR lender in my market: Research and connect with lenders offering Debt Service Coverage Ratio (DSCR) loans. Understand their requirements and application process. 4. Network and Mentorship Try this. - Go to a local REI meetup: Attend local Real Estate Investor (REI) meetups to network, share experiences, and gain insights from other investors. - Find a RE mentor: Seek out a mentor through real estate forums, meetups, or professional networks who can provide guidance and advice. 5. First Investment - Buy my first rental: Search for your first rental property that meets your investment criteria. Work with a real estate agent to find and evaluate potential properties. 6. Financial Growth - Refinance my first property: Explore refinancing options after owning the property for a while to lower mortgage rates or cash out equity. - Raise $100K of private money: Network with potential investors, present your investment plan, and seek to raise private funds for real estate deals. With you LLC. go to a bank and get on dock loans at 0% interest for up to a year. 7. Accountability and Support - Find an accountability partner for REI: Connect with someone who shares similar real estate goals and can keep you motivated and accountable. Timeline and Monitoring. find someone with high credit to work with. by using their credit as a JV, you can grow faster.

I’m talking to an owner and the numbers are right but he says the lease isn’t up for another 4 months. Any advice?