82 Unit Portfolio Purchase - Questions

[Troy Hebert]

Hi everyone,

As I posted last week, as chance has it, I’ve run into a nice looking proprietary opportunity.

The deal is a full portfolio of 82 units in 12 building in a smaller town (17,000 population). I have a Few logistical questions.

How would an appraisal process work here? Would you suggest going and visiting every site and doing an evaluation of each property? Can I hire someone to do this (basically just an inspection)?

What about closing fees? Need title registrations for each property? Am I looking at $50k in closing fees and expenses here? This is a proprietary deal, no broker fees at all. I will negotiate a better purchase price based on the no broker fee, but keeping in mind this is my first purchase, the logistics are a little unknown to me (and how they differ from buying a single rental property).

Separate but related, is there any advice on finding a lender for this? Will a bank lend to all 12 properties? Maybe non-recourse even given its $2.5mm loan and expected to be a ~$3.1mm Purchase price