Thank you, Jagsterr
Whatis a LOI
LOI is what you use when you make an offer on an apartment building. I have written them with commercial brokers in a few states and some states have nothing, while other say a bit more. I just wanted to compate and see.
LOI usually stands for Letter of Intent. In my opinion, these are just a waste of paper because they are not binding on either party. A Letter of Intent is just a letter to say that you’re interested in buying a property. LOIs aren’t specifically for apartment buildings, they can be used for any property. Most successful investors don’t use LOIs. If they find a good deal, they put it under contract (which is binding on both parties).