How to Invest in Commercial Real Estate

115 of 128 episodes indexed
Back to Search - All Episodes

Episode #076 - NEVER SPLIT THE DIFFERENCE: Strategies for Negotiating in Commercial Real Estate!

by Criterion, Braden Cheek, Brian Duck
September 6th 2022

Today hosts Braden Cheek, Brian Duck and Joel Thompson from The Criterion Fund give advice on how to prepare and execute various negotiating strategies in CRE!

Time Stamps: 0:00 - Introducti... More

All right, welcome back to how to invest in commercial real estate. And we are here with another exciting topic. But before we get into that, we wanted to remind everyone that we are closing on our brand new development in Owasso Oklahoma brian, what is it? What's the development? The development is a what? 13,000 square foot multi tenant retail. We have what, five tenants, five tenants, ones, a ground lease, pretty much all pre leased. And it's in a really good area of Owasso. So, so that deal was a million for equity raise. We talked about it before, but it was a million four. We oversubscribed in a few hours and that money will be invested for about a year, maybe 18 months, but about a year and it will get a 30 to a 40% return. I mean it on the low side you're hitting 20% and I just, I want to remind people about that. Are you? I feel, I feel pretty good. I would say between 20 and 30 is probably the target. But but anyway, how many people are investing in things that are targeting to get them 20-30% outside of you know, crypto doubling and going to the moon going straight down.

Yeah, going straight down to nowhere. But like we talked about a lot of things are getting pinched and pressure putting on and there's a lot of money being lost and created in the market. But real estate even in this time with this debt environment and going on, we're investing a lot of money in the hopes and what we believe will get a great return. And, and I just want to stress the importance of that. You got to get your money working. Even in times like this, when everything is going down, I'm not investing in anything else that's, you know, anywhere close 20% and as low risk as this. So I still feel like we have more downward pressure on the market over the next few months. So I think it's gonna work its way down and they're gonna stop maybe increasing interest rates. Then the market may start moving up sometime next year. Yeah, I don't know what the timing is, but I agree with that. That's another point, Feds meeting again here in a few weeks, most likely gonna raise the interest rate again. You know, that's gonna continue to put more downward pressure on those sales prices and and activity in commercial real estate.

So it's gonna be interesting. But anyway, we're closing the deal tomorrow. It's super exciting. By the time you, this will have already closed in Owasso and we'll be exiting that deal in about a year anyway to dive into the topic today. Today, I wanted to really get into negotiating strategies because from the moment you get into the game meeting your first lender or meeting your first investor or trying to buy or sell your first deal your face with those uncomfortable decisions, right? And that's the basis of negotiating somebody wants something, you want something else, you need to try to maybe meet somewhere in the middle and and get a win in there, basically, you're negotiating through every step of the process of every part of the problem buying commercial real estate buying details of the contract. The lease is the debt, the debt, it's all a negotiation. And we won't cover everything today. But we just thought we'd we dive in high level and give you guys some ideas about some of the negotiating issues you're gonna run into. Yeah. So um one we're in right now where we'll kind of start off is selling property, right?

So when you sell a property or buy a property, you will get a due diligence period. And in that due diligence period it allows you to inspect the property with earnest money in the title company. But the earnest money is refundable. So that way, if you cancel the contract, you may lose what you had in due diligence costs or or you know, inspecting the property, you're having an appraisal done or a survey done or whatever. Those are hard fixed costs, right? But you may have 2050 100 hundreds of thousands millions of dollars in earnest money depending on the size of your deal. And um after your due diligence period that goes hard is what we call it goes non refundable. You can't get it back if you cancel the contract, that money goes to the seller for essentially wasting their time. So we're selling deals right now. And even when we buy deals, there's always a matter of time, right? Nothing goes however long you say it will, Is there a typical due diligence period in commercial real estate, would you say 30 or 45 days? Okay, definitely. So at the end of that, nine times out of 10, the buyer's gonna say, hey, I need more time. Right? We were in a contract on a piece of land and broken arrow.

We needed more time. So I didn't want to give it to us. We cancel the contract. You know, there's, there's no playing games. We actually need more time. We weren't trying to, You know, negotiating anything. It's like, Hey man, we need 60 days. Well, you guys need to go hard with your earnest money and then I'll give you 30. It's like cancel that. It's just not even ready. Yeah. That just happened this week to us, right? Yeah. And it's, it's commonly referred to as kind of getting the seller pregnant. And what you mean by that is, you're kind of, they're locked up in a contract. They can't do anything. Hence the reference there. So that kind of gets you some leverage. But you need to do something. Right? So, you know, you guys were in a in a sale recently, seller came to you. And, and how many days was he in contract with you at this point, you toward the end of their due diligence period. Uh they did what uh we're gonna talk about in the next key. Uh as they tried to re trade us where they come back and because of the market or the condition of the property, they say we want to discount. And so we gave him that discount. But uh never as a seller give a discount unless you're going to get nonrefundable earnest money in return.

So that's amazing point that you should jot down if you're taking notes or a mental key, if you're gonna give something, get something in return. That's right. And and the best thing is as a seller you can get is nonrefundable earnest money, because at least you're you're saying, okay, I'm gonna guarantee myself a sale and in the event I don't get that sale, at least I get to keep some money for my time. And and so that in that case they went non refundable. And they tried to re trade me a second time and so pause there. So they went nonrefundable with, give me a guesstimate of the number, half a million dollars. They went, okay, So they went nonrefundable with half a million dollars. And then they tried to retrain you again. So here's here's the fatal flaw. I don't think so. I don't think they thought so. I think they thought that, well, you know, this is a tough market interest rates are rising and we're going to lower our price. But it's still probably as good as he can get on the market. So Joel is just gonna take it. But they underestimated how bad I wanted to to sell those deals and, and I'm not going to fire sell a deal just because they want me to, I'm going to focus on getting there half a million if I can.

So they tried to re trade you knowing they have no leverage. What happened then you have half a million dollars. Not non refundable or hard. Yeah. We tried to come up with a solution that they could buy it, but nothing they proposed made me comfortable or protected me as much as the half a million dollars. So at the end of the day, uh, they, they didn't even, I mean really cancel the contract, we just expired And, and now we're going to be seeking that nurse money from the title company. Now what's gonna happen. And just for education sake title companies don't want to get involved in a lawsuit or dispute between parties. So typically they're not going to release it to me. Let's say even though they can see my argument, they see they went nonrefundable, they're gonna put their hands up and and say, hey, we, we don't, we don't, you know, we want a court to tell us what to do with this money. And so if that's the case and if the case that the buyer won't release it, then we will have to sue them. And, and that's the next step that we're gonna have to take is we'll have to sue them for that half a million dollars. And then we spend money on attorneys and, and everybody gets to decide whose money it is.

So to wrap up this due diligence thing though, last week we had a similar situation. We're selling some out parcels and so the buyer came to us and said he needed more time. So we said, yeah, we'll give you more time. And your point about get something, uh, if you give something, we gave him more time. But we told them to do some more earnest money right to give us more nonrefundable double hard money. And, and they did it and we gave him the extension and everything's gonna hopefully just go on down the road and we're gonna sell it. And, and There's no reason to not get something in return because you have something they want, right? Something. They agreed to buy something that held value for them financially or whatever reason. They've already spent money, they've already spent tons of time there at the end of a month or 45 days wasting their money in time. Also a little bit of your time and when they get to the end and they need an extension, if they're willing to give you nonrefundable earnest money. You know, you're getting that money or a deal closed. So you want that, you have to have that. There's no reason as a seller. I mean there is a reason Not great ones as a cellar where you should give them more time in exchange for nothing.

Right? The, the seller of our broken air land deal was the exact same way. We didn't have a lot of stuff. We, I mean, we tried for 60 days and we're working on this development plan, We asked for more time up front. They didn't give it to us. We told them it would take longer. They didn't listen. And here we are asking for the extension we knew we would need. And here they are saying no and I don't fault them. That's why I didn't get into this big argument with the seller on anything. I was like, hey, we'll cancel this and I'll come back to you and I have more information. And that's what the seller should do. He should have told, I would have done the exact same thing that seller told you guys to do is pound sand because if they give you an extension, the seller doesn't have any more information about whether you're going to close or not. It's like a poker hand. Right? When you check, you're not gaining information. But if you bet now you're gaining information. Do they fold? Do they raise? And so he's calling your, your bluff and he's saying, hey, it's nonrefundable earnest money or you're out and that way you make a decision and he knows where you stand now and he knows if you come back to him later that now he has an interested party.

Uh, so it was the right move for him to make. Yeah. And and again just to explore that further. If we had spent 10 2030 $50,000 on surveys and and you know soft costs and architectural documents, I may have been more willing to go nonrefundable with 5 10 $20,000. But I spent a penny. Everyone had been working for free for the promise of getting the job later. So you know the land was definitely not gonna be the first penny I spent on the deal anyway. You brought up something super important information right? And I think brian brought this up earlier when you're negotiating the more you know about who you're negotiating with or what you're negotiating about or their motivation behind it. That's one of the first questions we ask sellers on the phone is hey, why is this person selling the property or the broker will ask us, hey, who are you guys and why are you buying this property? You want to fine information. So you know how to negotiate? Information is power in this game. Information is leverage and really leverage is how you win and negotiating. But you, you don't know how much leverage you have unless you know what's happening behind the scenes.

So yeah, it is really important that you're gaining access to all of the possible information that you can have in any given transaction. A lot of times when someone comes to me in any negotiation, um, when they say, okay, I want a lower rate or I want this race or that race or something. The first thing I do is start asking questions, not yes or no or whatever, but start asking questions. Get some knowledge and then you can make a better decision on your, let me give you an example just to try here. So let's say you have a retail center and you've got a big tenant and if you lost that tenant, it's gonna be devastating for you. So that when it comes to you like that. Yeah, I have several. And let's say the tenant comes to you and they say, hey, you know, we about our lease is about up and if we can't get a discount, it just doesn't work at this location. And we were looking to get another location, you know down the street. Uh, you know, your first gut reaction is if I lose this tenant, I'm sunk, I won't be able to make my mortgage payment. That is operating out of fear. And you never want to be negotiating from a place of fear. So what could help you is if you went and did some research and said, hey, there's no big boxes around here that they can fit in, uh, any, they can't build because a new bill is going to cost them double the rent they're paying you.

How does their rent compare to other, uh, you know, let's say gems or, or a big box type. We have a dollar tree, that's that way in in, in Georgia, right? That dollar tree is rent is nothing. And there's no way they're going anywhere in the trade area to get that rent. There's just no way. And so all of that. So then you begin that knowledge gives you power and leverage in that negotiation and I've used it before. And so then I come to the conclusion that, look, uh, you know, they're profitable. Let's say they gave me their financials or something. Uh, there's no way they can replace this low of rent. They're not going anywhere. This is a bluff. And at least it allows you to understand under what conditions they might leave and, and you don't operate from fear because so many times I see people negotiating from a position of fear and you're gonna lose every time. Yeah, I, I just tend to never want to negotiate out of fear. I will always call your bluff if you're trying to scare me in any in any facet that I might lose or that something will be negative to me, my subconscious immediately checks that. And I say, okay, well I'm gonna do the opposite of whatever you're wanting me to do in that situation.

And it tends to work out pretty well. Uh because typically people the one that has the most leverage or the most confidence in negotiating is gonna win. I love that. That was funny. That was funny. I bet your wife just loves that. I'm just going to do the opposite anyway. Alright, Alright. So let's let's stick with that same example. You have a big tenant, you're at a shopping center, you're negotiating lease. You know that they can't really go anywhere. Let's talk about negotiating leases a little bit because a lot of people are business owners, a lot of people lease space. There's, I mean, there's a ton of leasing going on some people own space and they're gonna be doing lease renewals again, You're diving back into information. You want to know as much as you can about the tenant. You wanna look up the data, you want to talk to your property manager. Hey, how's my tenant doing? If they're a restaurant, you want to go in there for lunch, You know, on a busy day. And if they're dead, you know, that should tell you something. If they're slammed and you have to wait in line, that should tell you something again. Information is power. You know, okay, They're not paying me any of this money. They're they're killing it. I've got to get a rent increase, right?

And that brings up another point as well. An amazing book about negotiating is written by this guy chris boss. Uh never split the difference. I know we've read it is that the guy that used to be like CIA or FBI negotiator. He literally wrote the book the FBI manual on FBI hostage negotiating. It's a great book and it's kind like a thriller because he relates with the lease. You need to have you need to have a win win right? Because I'm I'm a tenant. There are tenants we we all need something right? I need more rent. The tenant needs different things and and they're gonna tell you you just have to listen to them. So like rule number one and negotiate negotiations is active listening because they're gonna tell you what they need and you need to be able to say yes and you need to be able to clearly articulate what you need and you need them to say yes. So you've got to you've got to be able to carry that conversation and listen. So you have to listen hey Mr. You know let's use a dry cleaner. Your lease is expiring, we need another 60 month lease and then there's they're gonna start complaining immediately because that's what people do.

Oh this place sucks. You know my heater is breaking down. The curb is You know there's all these problems I need dedicated parking spots. The guy next door to me stinks. You know you never throw us out of trash. There's these list of concerns and you need to be taking notes. You'd be writing all of them down because you need to fix them. And those are the wins that's gonna get you your win, right? Because our win is we need a better rate. This guy's got a list of complaints nine times out of 10. The complaint is never how much rent is paying. I find that interesting, especially in lease negotiations. It's never, hey, I'm paying too much rent. It's, there's always something wrong trash. Sometimes it's the rent, but they will always bring up issues. So you fix those issues. You send a letter to the next door neighbor, tell them to take out the trash, you fix the curb. You have an H. V. A. C. Guy go up and you're like, hey, you know, I, I listed all of these things is there I'd attended, Tell me you want a smoking section in the property, you know, a bench and a little cigarette butt thing made the guy happy. He was happy about that. And he gave me the rent I needed because his employees wouldn't smoke in front of the store. So it's little things like that that gets you a win win and get you the rent.

You one I want to clarify something about win. Win. Win win does not mean that they're winning. You know, win win solutions means that they're getting what they want while you get what you want. It's not about what they want or I want? It's it's really, what do you want out of the negotiation and how do you get what you want by at least opening your mind to the possibility of, okay, how can I get them something they want? Uh, and still get what I want to maybe think they're winning. Uh and maybe they are in their eyes. Yeah, that's right. Um so you should always approach even being a cutthroat negotiator approaching the situation from how do I get this person what they want, being creative and doing that can help you more often. And it's hard to negotiate when on your side, you're just saying no, no, no, no, no pay it, pay it pay it. I'm not gonna do anything for you. If you act like you're working with them and you actually really are working with them, then they're much more agreeable and the negotiations are gonna go better. Probably be in your favor and specifically in retail. Um I love it because they'll complain and I don't, that was mean that was mean, okay, they'll complain about everything wrong, right?

But then they'll complain about the triple nets. It's like you can't have both ways, man, you want me to fix everything. You need to pay more, not less, right? So let's break that down the concrete repairs in front of your face or $8000? Are you paying for that? Am I paying for that? We're both paying for that. If you paid nothing, I couldn't pay for that, it would be a dump, right? So like do you want great son of a Yeah. Anyway, you gotta get a win, win on the lease, you gotta learn how to negotiate. Your lease is, Here's one on the lease is is set set expectations. I know I interrupted you, but let's say attendance at $14 and you're thinking you want to get them to, you know, $15 uh sending the renewal at 18, right, Crush their spirit right there in the beginning. And then when you back off at 18, when they complain to 15, they're like, man, he really worked with me. Okay, so it's a lot of little things like that. Well, you have to, it's like playing poker or chess even where you're setting up a couple of moves ahead of time. You're thinking, okay, how do I get them to my number? What's the best way to get them to my number?

And it's about managing their expectations? May be figuring out a way to meet some of their their needs that they've, you know, they've expressed their unhappy with, but you've got to be two steps ahead of whoever you're negotiating Can't just put 15 out there because then that's the number they're gonna negotiate off of their negotiating half of 18 then or you're negotiating whoever then yeah, it's much easier to get the 15. Also it's like raising in poker. Uh it's once you hit that 18 button, you get to find out where they are. If they say oh I don't okay 17, you've already won your ahead of where you thought you wanted to be. Or if they say, hey, we we're out of here. You know, we're out that is, you know, now you you've gained some information that you don't have leverage here that they are willing to walk and so you can adjust. But if you just go up 3% or 15 and I've been guilty of doing all these these things. You haven't gained any information on what they could have paid and you may have left a lot of money on the table. And most people leave a lot of money on the table because they're worried what people will think when they give them a high number. Oh I don't want I don't want to come in too high.

I don't want to make him mad. Well you're not a good negotiator then stop, go. Read some books if you don't want to make anybody mad negotiating because you're not gonna maximize value unless you're willing to make people uncomfortable. We'll be uncomfortable yourself. I remember this one re trade we did and we got like three or $400,000. Right? But we were thinking we were gonna get like 100 maybe 200,000. And we got it and we're just like ship we should ask for more. He just said yes yes, way too. If they say yes, way too easily and way too fast. You you left something on the table. Yeah, that's true. That's true. Well, so you got the book there, it's one of the points that we wrote down uh that both brian and I were talking about never split the difference, splitting the difference once again makes you comfortable. You know, it's easy, it's easy. And if you're, if you're comfortable and negotiating, you're not maximizing value. It's fair. Yeah, it's fair. And you know what? Don't convince yourself that splitting the difference is fair just because they asked one number and you asked another number does not mean the number in the middle is fair fair to who?

It's like all of the price increases, you know, due to increased cost, your prices gone up. You know, they're not splitting the difference with me like, Hey, coffee went up a whole dollar. We're covering 50 cents. We ask that you cover the other 50 cents. No, of course not. Of course not. I'll give people an example of in Oklahoma when they're buying a personal home. And let's say you're you're asking $400,000 and someone comes in. Uh and they offer, you know, 3 70 you come down to 2 95 just being a good negotiator and they try to split the difference between, you know 3 73 95. If you take that you're an idiot because people don't make offers on homes that they're going to live in. They don't make offers on homes and then walk over $10,000. They've decided that's a home they want their family to be in. And so but I see it all the time. These homeowners like I always want to get it, what do they walk? They're not walking. If you're within a few percentage points they're not walking. But they split the difference with them all the time and I would never do that.

The last house I sold let's say it was $400,000 and they were at 3 80. We've been coming down and down And my last offer let's say was 400. And they gave me an offer. The next offer I sent in was 400,000 again to let them know that's it. You better come to 400 or we're done. And and most of the time they've already decided when they go through to make an offer. Already decided they fall in love with the house. Right? That's it's I Wish that was houses when you guys were when I bought a house that was listed at four, We went in at 4:05. Yeah it's a little bit different market lately Brings not such a good negotiator. His house was 400 and paid 405. Don't even listen to him. He's lucky he has us, okay, next point, which we use all the time. You should be using all the time. Um, to maintain your relationships right? Like they, we talked about a win win. We talked about people feeling like they have a win, feeling like they have a good connection, but sometimes there's gotta be a bad guy. You know, at the end of the day, hey, we need what we need, the property needs, what it needs, your lease needs, what it needs. So good cop, bad cop.

Right? So if you've got a property manager, the property manager is always the good cop. Let's just clarify that. And we talked about that in the previous episode about lease negotiations more specifically, but the property manager is their best friend. Like, yeah, this landlord, I've told him this grease trap needs to be clean out. I don't know why he's not doing it or whatever it is. Somebody has got to be there to, hey, I empathize with you. I hear you, you just need, you know, 25 basis points on this. I let me go to him, we'll talk it out and then you come back. Yeah. You know, you probably didn't even call anybody. You probably didn't talk to anybody. You don't know. Yeah, I don't know. I tried to tell him we can do five basis points or we can, we can split that cost with you or man. You know, the lease is just, it says the opposite and you know, at the end of the day, this is what we both agreed to. This is the bad, the good cop can be like, hey, uh the owner, he, he's got another couple of tenants that he said he's got lined up. I don't, I'd really like you to stay. It's, it's all the pieces of information that you can that the good cop can drop and not have it be confrontational. And then they can also get an honest reaction from whoever they're negotiating with being a good cop having that relationship.

It doesn't have to work with just a lease. It can be on a purchase to, you always were want to have somebody that seems agreeable to the purchaser or the seller. Uh, and then someone that's off in the distance that's unreasonable and this person is trying to bridge the gap. Only these people are are on the same team and uh and, and but you make that person feel like maybe that you're not on the same page. That is such an effective negotiating strategy. I don't know what you're saying behind my back, but I'm just saying if there's a good cop and bad cop, you're probably the bad cop. It's always saying, it just depends, I've been the good cop before, maybe once, but it's always good to have have both. Um, and it, it doesn't even necessarily need to be someone that your business partners with, you know, we, we've done this and people can say that it's, it's unethical, but you know, I can, if I'm making an offer on something, I can have you send in another offer that's lower than my offer just to soften them up for when my offer comes in, it doesn't look as bad as your offer.

It's, there's a lot of tricks that we, that we pull and you know, have, hey, I can offer whatever I want. So can you. And so they don't have to take it. But psychologically if they get a bunch of low offers, uh, and my offers up here, even though my offer is really low, it allows them to look at it in a different light. And it's just all these tricks to help you maximize value for you and your company versus versus handing them the value, funny story. We were bidding on the property, it was property I really wanted. And um, we were super close with another group and they did a best and final and somehow some way I was able to find out who the other group was. And I remember coming back to Joel and vic at the time and I'm like, hey, why don't we just call this other group and see where they're at. You know, we can probably get a better deal. Nobody else is bidding on it. We'll both drop our prices and then we'll just split the deal in half. You know, we have half of the same deal we wanted. It's just, it's economically the same, just half, right? And we ended up doing that. We went to the other group and, and both dropped out and form this new company and offered in that one company.

And it put a lot of pressure on the seller because they went from having competition on a deal with people bidding against each other. You know, oh, we need a best and final. We need you to blindly raise your price and whoever the highest one is in a sealed envelope gets it, Which is never how it actually is, right there. Always pitting you back and forth against each other. Just driving the price up like the hell with that. We didn't end up and and get the deal then. Um, so that you guys did that or we, we did disclose it. Okay. Yeah. We did disclose it because I, I was kind of on the fence about the other partners. We had were very clear that they wanted to disclose it. Anyway, last point is a joint venture deals, you're doing a deal with another group, right? So this is a massive proposition. And I know we've talked about shark tank before when, you know, people are arguing over over two or 3% or whatever, but you know, when a deal is presented it to you, it's never where it is when it's closed, right? Hey, this is because we need money in this deal or hey, we need you to find the debt for this deal and we'll give you this, it's like, we'll just forget about that.

They're just trying to anchor you at some point super low to make you feel like that's what they're willing to pay and just tell them, hey, I would do that, but I would do it for this. You know, I would find that debt, but I would charge this point. I would loan this money, but I would need these fees, I would invest in that, but I need these controls, you know, and I think so much of the time from a consumer sense, you know, on the consumer side, you don't go to walmart negotiate, you don't go to a car dealership and especially now negotiating a lot of stuff, you know, there used to be more wiggle room and stuff and more haggling. But as a regular consumer, you don't do a lot of negotiating. You don't negotiate with your electric provider utilities or, or more like, you rarely do anything. That's why people are so bad and just splitting the difference because they don't know. But in these, in these joint venture deals or when you're doing any sort of partnership with somebody else, right? And, and we've done a lot of them real estate inherently is a new partnership. Every single deal. Sometimes it's two deals, Whatever you've got to negotiate. You've got to push back, right.

It's, it's normal, it's completely normal from, from every person's side, there's investors who say, hey, um, you know, is there, is there any chance to negotiate these terms? Unfortunately on ours, there isn't, you know, because they're just split up into so many different investors. But if one investor came to me and they said, hey, I'll take the whole thing. I mean, I may change that split a little bit. You know, it's a little easier on my end. The value proposition has changed a little bit or maybe you're going into a deal and, and they have something and you can immediately make the deal better. You should negotiate for that, right? Like I want an extra 5% of this company or 5% of the upside because I'm bringing this better loan or because I'm making your life easier, you know, and then we're all gonna be spending less time and making more money on the same project. They should give it to you, Right? So just don't immediately give in. Yeah. So the last thing I'll say then as we finish up, that's a good point, by the way, is that you want to be a hard negotiator. You don't wanna negotiate from a place of fear. You want to get all the information to give you power and leverage. But at the end of the day, you also don't want to negotiate yourself out of every deal.

And some people are master negotiators and they never give in and they never buy any. And so uh you don't have to get rich on every single deal or every single partnership you want to maximize value. But the more deals you do and the more people you do it with, the more successful you're gonna be. So at the end of the day, I think the biggest takeaway is is when when is try to be effective and getting what you want and allowing other people involved in the transaction to get what they want and the more deals you do that, the richer you'll give. I would say we've all heard that you've made your money on the by. I think that's just in all of these examples. You you should know the deal and you should negotiate your money and your profit upfront. I mean it's got to be up front. It's never at the end. It's never Oh we made all this money actually, I need more of that. Like well you know, pound sand anyway, thanks for watching the show. Thanks for tuning in, listening, liking subscribing sharing if you haven't already, don't forget to go to the website how to invest in CRE dot tv the criterion fun dot com precision equity dot com.

All of those you can sign up for our investor list were regularly sending out deals there regularly selling out insanely fast. So you have to answer those emails fast. But I I would imagine we'll do at least another one, hopefully two, maybe even three before the end of the year. Check out in a little over a month. Check her out a little over a month. We're going to send another what? Almost $1 million. We're going to send it out anyway. Thanks for tuning in. We'll see you next guys, or we will see you next week on how to invest in commercial.

Episode #076 - NEVER SPLIT THE DIFFERENCE: Strategies for Negotiating in Commercial Real Estate!
Episode #076 - NEVER SPLIT THE DIFFERENCE: Strategies for Negotiating in Commercial Real Estate!
replay_10 forward_10