Let’s get into negotiating the deal. This is by far one of my favorite topics, because I’m a firm believer that everything in life is sales and also negotiation.
I’ve got a little eight-year-old girl, and I feel that everything is even negotiation with her, even with staying up. The other day, I was sold on her staying up; I wanted her to go to bed at a reasonable time but she won that negotiation.
So let’s go ahead and roll into it.
In one of my previous deals, $2 million worth of renovations was built into the underwriting. Also in this deal, when negotiating with the seller on the front end, I made a $1 million mistake. Yes, a $1 million mistake.
But also it came down to a negotiation, where we knew that they were motivated enough and we had built a good relationship. And I want to talk about how it was really established with building that relationship.