Internal — cut strategy
Not for the seller pack · Dr. Bogash = 12-door multi-state portfolio landlord
Note first. Cash untouched. Agent fee not in the open letter.
He’s a chiropractor with ~$3.1M portfolio / ~$2.3M equity — peer tone, short copy, evidence attached. No lectures.
1. Counterparty
| Fact | Implication |
|---|---|
| 12 properties · AZ SFRs + IN MFH + OH + MN | Knows CapEx, agents, seller paper — don’t teach |
2. Where money moves
| Lever | Today | Open ask | Why |
|---|---|---|---|
| Note | $99k | → $74k | Inspection CapEx home. Keeps his “win” ($6k + $500/mo). |
| Cash to seller | $6k | unchanged | Emotional; don’t touch first. |
| Agent / PM fee | $3,150 | not in email #1 | Listing agreement risk + sabotage risk. Secondary only. |
3. Agent fee — deserved, dangerous to lead with
Access failures, no-shows, water/clog, no garage key — fee is not earned on this path. Still:
- Brokerage listing / commission clause may obligate seller regardless of your PSA line
- Agent is also PM — can poison Bogash or stall title if you put him on blast
- Sophisticated owners often defend their people or refuse organizational drama for $3k
Do not make $0 commission a condition of the first ask. Price/note first. Agent claw only after verbal yes, or if he asks about cash at close.
If you raise it later (optional one-liner):
“Access failures cost a second inspection. If commission is locked by your listing agreement we understand — then the note has to carry the full stack.”
4. Price anchors (use sparingly with him)
- List ~$100k · 2022 paid $68k · ask $80k
- Peer line: “We’re still above the ~$60k third-party mark and your 2022 basis.”
- Don’t lecture “your house is only worth 60.”
5. Balloon
Successive 12-mo while current (investor draft). One sentence in email. Full text in addendum. Seller-first: he keeps $500/mo instead of balloon default theater.
6. Sequence
- Email + 3 PDFs to Bogash only
- Verbal yes on $80k / note structure
- Paper addendum
- Optional: commission if he opens the door