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Updated about 6 years ago on . Most recent reply

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How do you hire an unbiased third party professional

Posted

My name is Chuck Bernard and I am a newbie. I am considering purchasing a turnkey property. I have picked Norada Real Estate Investments as a turnkey property company. My proposed lender is Security National Mortgage Company and they are preapproving my finances before I make a bid. I am looking for a SFR property about $111,000 with 20% down in a "B" neighborhood, a three bedroom, in Birmingham or Mobile. I was wondering if anyone can point me to reading material on analyzing a deal. As I live in So California, I am unfamiliar with Alabama and would have to hire a third party professional to analyze the neighborhood as for comps and comparable rents. I was planning on doing this as soon as my bid is accepted. How do you go about locating such a third party? I am also planning on contacting a transactional real estate attorney to analyze the deal as well as start proceedings on forming an LLC at that time. Am I covering all basis of due diligence? Any information about analyzing turnkey deals would be appreciated especially links. Also as I am new on BP and I can't find any help links, I have used 7 out of 10 posts on the forms I have posted on. What happens after I reach 10 posts. Will I have to stop posting? Thanks in advance.

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James Wise#5 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
19,206
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James Wise#5 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Replied
Originally posted by @Charles E Bernard Jr:

My name is Chuck Bernard and I am a newbie. I am considering purchasing a turnkey property. I have picked Norada Real Estate Investments as a turnkey property company. My proposed lender is Security National Mortgage Company and they are preapproving my finances before I make a bid. I am looking for a SFR property about $111,000 with 20% down in a "B" neighborhood, a three bedroom, in Birmingham or Mobile. I was wondering if anyone can point me to reading material on analyzing a deal. As I live in So California, I am unfamiliar with Alabama and would have to hire a third party professional to analyze the neighborhood as for comps and comparable rents. I was planning on doing this as soon as my bid is accepted. How do you go about locating such a third party? I am also planning on contacting a transactional real estate attorney to analyze the deal as well as start proceedings on forming an LLC at that time. Am I covering all basis of due diligence? Any information about analyzing turnkey deals would be appreciated especially links. Also as I am new on BP and I can't find any help links, I have used 7 out of 10 posts on the forms I have posted on. What happens after I reach 10 posts. Will I have to stop posting? Thanks in advance.

 I would hire a home inspector to check inspect the property itself. From there I would hire an agent who is familiar with rental properties & property management to give you the run down on the rental rates, demand, tenant base etc.....

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