Are you tired of watching deals pass you by while you analyze, plan, and wait for the “perfect” moment?
Here’s the truth: perfect doesn’t exist. If you want to buy apartment buildings, you need to start taking imperfect action—today.
Whether you’re brand new or have some underwriting experience under your belt, this guide lays out exactly how to get a multifamily deal under contract within 7 days—without being reckless or overextending yourself.
Step 1: Narrow Your Focus
Pick one target market. Even if you know five markets well, today’s mission is to focus on one. That’s how you’ll move fast and stay focused.
Step 2: Activate the Broker Network
Reach out to every broker you know in that market. Ask three questions:
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What’s currently available?
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What hasn’t sold in a while?
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What deal could I win if I made an aggressive offer?
Ask for off-market and pocket listings. Brokers always know what’s quietly up for grabs—they just don’t volunteer that info until you ask.
Step 3: Underwrite Hard and Fast
Find 5 to 20 deals that loosely fit your buy box. Weed out the obvious no’s and start underwriting the rest. You don’t need to get every detail perfect right now—this is about identifying real contenders.
Step 4: Submit 3+ LOIs
Here’s where most investors freeze.
You don’t need to be 100% ready. You just need to get in the game. A Letter of Intent (LOI) is non-binding. It’s your way of saying “I’m serious”—and brokers take you more seriously when you start submitting offers.
Bonus tip: If you’re nervous about drafting LOIs, ask the broker to write one for you. Or use a simple LOI template and tweak it.
Step 5: Make Terms Your Weapon
To stay competitive without overpaying, use smart terms:
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Offer a quicker close (e.g., 45 days)
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Tighten your due diligence period (15–21 days)
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Keep your earnest money refundable until DD ends
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Bake in 1–2 optional 15-day extensions with a small fee
You don’t need to raise your price to win. You need to be flexible, fast, and clear.
Step 6: Follow Up and Get Feedback
After submitting your offers, follow up within 24 hours. Ask:
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How was my offer received?
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What did the seller like or not like?
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Is there room to adjust terms to close the gap?
Even if none of your offers land, you’re building valuable broker relationships—and that’s how deals start coming to you.
Step 7: Be Ready to Walk (and Spend)
Be honest about your capital position. If you don’t have the money today, that’s fine—you’re buying time. Most contracts have a 45–60 day window, and extensions are common.
But be prepared to spend some money. Inspections, due diligence, and even walking away from deals can cost you $1,000–$2,500. That’s part of the game.
Final Word: You Don’t Need a Giant Axe
You just need a sharp, consistent one—and the guts to swing it.
If you underwrite 10 deals, make 3 offers, and follow up with every broker… you’ll either win a deal or set yourself up to win the next one. But either way, you’ll stop sitting on the sidelines.
Now go sharpen that axe—and swing.
