Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago, 02/28/2020

User Stats

3
Posts
0
Votes
Henry Webster
Pro Member
0
Votes |
3
Posts

Letter of intent for a 5 unit

Henry Webster
Pro Member
Posted

I am writing a Letter Of Intent for a 5 Unit near me, and would like some ideas of what to ask for in the LOI.

The owner doesn't have much in the way of financials (old school) a couple tenants pay in cash he in turn pays for any 

maint. in cash. I have the leases and common area BGE. but thats about it. Is it legitimate to ask for his personnel returns?

The building was originally heated with oil and the tanks and boilers remain. I believe this will be a problem for a lender.

Should I ask they be removed in the LOI or wait for the bank to make it a condition. I'd also like to have the tenants answer

a few questions about whether they have any special arrangements with Landlord or any unresolved maint. requests. should that be done in the LOI

Thanks

  • Henry Webster
  • Loading replies...