The Seller's Attorney on my latest deal sent us the Purchase & Sale Agreement in .docx
I removed all the sensitive information and created a template I plan on using for the foreseeable future
Also making it FREE (pay-what-you-want) for you to download on my Gumroad page
Enjoy 🙏
☀️
Livin' La Vida Luna y Luca
Might be able to squeeze another fall out of these matching puffer vests. Luca is about to pop out of his.
A Week of Firsts
This week had a few firsts in it that I'd like to share with you.
Contract Assignment
There's a real estate investing strategy called "Wholesaling".
Wholesaling is when you put a property under contract with a seller for $X and sell the right to buy that property to someone else for $Y and pocket the difference.
It's a grey-area strategy that can rub certain people the wrong way. Agents will argue you're acting like a realtor without a license. Sellers might say you're taking advantage of them with an informational edge. End buyers will just be mad they aren't getting the property for the same price as you.
As always, we did our best to create a win-win-win strategy.
Here's how it all went down:
When we initially toured Project Oliver, the seller's agent offered us a pocket listing in Short Hills, NJ for $1.7M (seller's asking price).
We agreed to "overpay" for Project Oliver by $65K if we could lock up the property in Short Hills before the seller went to market.
Everyone agreed.
Immediately after our attorney review concluded on Short Hills we started marketing the project to other investors.
Someone offered us $1.8M and we assigned the contract to them.
They'll tear the existing house down, spend ~$1M on a new construction home, and sell it for ~$3.5M.
Win-Win-Win:
- Sellers got their asking price.
- Investors got a great project with a significant upside
- We capitalized on an inefficient market with an informational edge
Must. Do. More. of. These. 🥵
Viral Tweet (been a while)
The X algorithm changed recently. My posts haven't been seeing much traction at all.
Until I posted a picture of a red Ferrari parked in a spot reserved for expecting mothers and parents with young children.
Some of the (160) comments were hilarious.
- Well, the sign does say expecting mothers and that is how you make mothers
- The owner of this car has young children they never met
- The best thing for pregnant women is walking. This man is very thoughtful.
- That car is his child, he’s good. 👍
Other commenters were sippin' that Haterade.
Either way, if this is the type of content (clickbait) I need to post for reach, I'm not going to make it much longer on X.
Luna Scheduled a Play Date
After I picked Luna up from school on Monday she said, "Daddy I want to have a playdate with [Friend's Name Redacted]."
"Sure, We'll text her mommy and figure out when."
After I picked her up on Tuesday, Luna goes, "Daddy, [Friend's] mom's name is Sarah. I asked my friend for her mommy's name so you can text her now."
"OK, lovey. We'll text Ms. Sarah soon".
On Wednesday, Sarah and I picked our girls up at the same time and THEY CORNERED US!
"We want a playdate! This weekend! Park! Then ice cream!
Sarah and I looked at each other and were like, "👀OK 😅 "
Guess what we did? Yup. The Park, then ice cream. Followed by a short stint at the library.
Managing our commitments is difficult enough. Now, we also have to worry about a 4-year-old's social calendar, haha. JK - I'm so proud of Luna for making it happen.
I remember being a kid and wanting nothing more than to spend time with my friends OUTSIDE of school. My parents always made time to drop me off at or pick me up from a friend's house.
They didn't, however, spend much time getting to know my friend's parents (probably because of the language barrier). That's something Dia and I plan on prioritizing.
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