Help making an offer.

[Aaron Douglas]

I'm looking for some advice on making an offer on a deal I've been looking at. Here's the run down...

A current investor is liquidating their entire portfolio (mostly SFR's and a few duplexes). It is listed with a realtor as individual properties and as a package. I'm familiar with the area and have crunched the numbers on this so I'm confident with what I can pay to make this a successful investment.

Here's some specific questions I have:

I will want to see the current leases, but can I make a offer prior to doing so with something in the offer that will let me out if I find something I don't like?

This is a pretty large number of properties, so appraisals & inspections with take some time.  This will be my first attempt at a commercial loan, so any advice on these topics would be appreciated.  Also, is there anything specific that I need to make sure is in the offer to protect myself?

I'll be setting up an LLC for this, but due to this size of this deal and my lack of history with a local bank that would make this kind of loan, I will likely be bringing in a partner/s. Is there anything in the offer that needs to speak to this situation?

Any insight/advice would be appreciated!

Thanks,

Aaron

[Rich Baer]

@Aaron Douglas

Make your offer subject to review of all relevant documents (Leases, utilities, Lead inspections, etc). You certainly can make your offer subject to financing. As far as the partner/LLC concern, write your offer in your name/and or assigns. Keep in mind that the more contingencies you put into your offer the seller, unless there are no other offers, will look more kindly on a contract that is less burdensome on him. You should also start talking to your local Banker now. Good luck.