Most real estate investors relax once the LOI period is over but that is a huge mistake! Loads of things can go wrong between LOI and the close of the deal, and joining us today is Corey Peterson to tell us all about possible bumps in the road. Tuning in, you’ll hear all about our guest’s remarkable career, why Corey works with an attorney in certain instances, his personal LOI timeline, why you need to understand your seller’s ‘why’, and so much more! We delve into who should draw up the purchase and sell agreement before discussing how money is made in operations. Some of the best deals seasoned investors have ever done are the ones they chose to walk away from, and in this episode, Corey reminds us to know when not to close. To hear all this and even learn from our guest’s biggest investing regret, press play now!
Key Points From This Episode:
- A warm introduction to today’s remarkable guest, Corey Peterson.
- Corey tells us about his experience in real estate investing.
- What can go wrong once you sign your LOI.
- Why Corey prefers for his attorney to handle matters instead of the broker.
- Corey walks us through his LOI timeline and the 120 days he gives himself to close on a deal.
- The importance of understanding why your seller is selling.
- Why you should give your broker a purchase and sell agreement, not the other way around.
- A reminder to know when to walk away from a deal and to underwrite conservatively.
- Corey explains the concept that money is made in operations.
- How we can learn from our guest’s biggest regrets from the beginning of his career.
Links Mentioned in Today’s Episode:
Text “Book” to 480-500-1127 to get Corey’s book shipped to you for free!
Corey Peterson on LinkedIn
Corey Peterson on X
Corey Peterson on Instagram
Copy Your Way to Success: Standing on the Shoulders of Giants
The Multifamily Legacy Podcast
Asset Management Mastery Facebook Group
Break of Day Capital
Break of Day Capital Instagram
Break of Day Capital YouTube
Gary Lipsky on LinkedIn
Joseph Fang on LinkedIn