What's up everybody? Welcome to this week's segment of the no limit minute shoot. I'm excited

to be here with you guys today and we're talking about something that is fairly basic, but

that's what I feel like it all comes down to, right? At the end of the day, if you've

mastered the fundamentals, you've mastered the basics. If you understand those pure core

concepts of any industry, any business, then you're going to do great at it. You're going

to be the guy that can, the guy girl that just whizzes through it all and ultimately succeeds

in that particular industry. So we're talking about today's, you already know from the

title, is the L-O-I. A lot of you guys out there probably either have never submitted an

offer on a deal before or you're just getting started in the business and you want to submit

an offer. Maybe you're starting to do the underwriting. You've underwrote a bunch of

deals, but nothing's really pinching out. You've never really written an offer before. You

don't really know what it's supposed to look like or what it's supposed to include or

how the lay of the land is really supposed to be. And so we're going to go over something

very simple. And that is what your basic L-O-I template is basically supposed to look

like. And for those of you out there that have no idea what I'm even talking about when

I say L-O-I, the L-O-I is what's called a letter of intent. Now it is completely different

from what's called a PSA, a purchase and sale agreement, which is the actual hard concrete

contract that you'll write between you and the seller, use the buyer and the seller.

And that is what is the actual legally binding contract that puts you having legal, you

know, equitable interests in purchasing or what have you in this particular property.

The L-O-I completely non-binding, not legal whatsoever. It's basically just a document

that is supposed to show the seller your level of interest in their property. Not only your

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