First off, thank you! Your writing is enlightening and generous.
I've been outright rejected or quoted exorbitant "FU" prices for several vacant lots and teardowns. Granted, I'm in Brooklyn, where "FU" is practically a morning greeting.
Do you have any advice on how to overcome initial rejection and start a conversation?
For instance, if the landowner doesn't own the corner restaurant, and you call them only to receive a flat 'no' and a side of 'go screw yourself,' what would you do?
Thanks again! -Andrew
What are the most time consuming steps of that 12 months of DD? Do you kick everything off at the same time, or is it a bit more sequenced than that? If the latter, I'd love to hear a general order of operations for how you approach it.
Hi Sean, do you have a rule of thumb on the amount of earnest money? Is it typically held by escrow until you clear the contingencies?
Great post, Sean. As an alternative to a non-binding LOI and a purchase agreement, do you ever use an option to purchase agreement (e.g. maybe with 6-12mth option term, w/ or w/o LOI)? Wondering how often you get pushback on a non-binding LOI from people who don’t want to tie up the land during that diligence period without some consideration.