#WednesdayWin 🙌🏼 I didn’t fund this multifamily EMD (earnest money deposit) deal! That’s right, not all money is good money. I rather my funds kept safe in my bank account vs lost on a deal a buyers attorneys set up as a trap! I’ve been working with this investor on a multifamily deal in TX over the past month. Everything was going well, until the last minute. I’m so so grateful I have had 7 years experience to lean on to notice something isn’t right… This investor was very transparent. But when it came to working with his attorneys, things got messy. Let me explain… Attorneys are great assets but sometimes may not have the best interest for the 3rd party lenders on the transaction. Most attorney’s only have the clients best interest in mind.. not other parties involved on the deal. I had my mutual release addendum (MRA) provided to the investor and attorneys, and boy did they butcher this document! My own personal attorney wrote this document for me - NOTE: if you’re a private money lender, always hire an attorney or have a community to lean on to ensure your funds are protected! The attorney’s red-lined majority of my document and said they wanted the mutual release addendum to match the PSA (purchase and sale agreement). This was a red flag for me! The purpose of an addendum isn’t so it matches the initial document… its to simply amend and/or supersede any language in the initial document… Without edits, at a high level, my MRA protects my funds where I have full control of my funds and no other party has authority over this. It also states the funds are refundable throughout the refundable period (not limited to the due diligence period) either to a specific date OR through the close of escrow date. …and those attorney’s edits?… well… They removed majority of the language from my document and in place of it allowed the buyer to make it okay for everyone involved on the transaction to have access to my funds! They added that the title company could use my funds to pay for any non-refundable buyer’s costs! Additionally, they stated my EMD funds would be charged in the event of damage.

Looks like I am buying a 10 acre lot with 10 manufactured homes and 1 house in Leander, TX. After six weeks of negotiating, we found something that worked for both of us. Seller financing 80%. How can I be excited and nervous at the same time? Now I have to learn all about the next steps!!! Including raising $300k in funds for the down payment. Thanks Christian and Multifamily Strategy community!! Yay - and yikes, ha!

Hi guys! I'm wrestling a little with the idea of raising rents. I understand it, and I want to make money, and to improve properties for residents, but I've heard from several residents, especially ones on a fixed income, that they don't like new ownership to come in, make improvements, then raise rents, because then they will need to move, because they feel they won't be able to afford it. Does anyone else struggle with these conflicting thoughts and how to reconcile them?

6 investors ran the gauntlet and I think they killed it. Feed back appreciated as we continue to build this out!

I hate to get on here and ask for help. But does anyone have underwriting mastered? I am willing to help you if you help me. I am just not getting it.