All Forum Posts by: Aaron Natalie

@Yonah Weiss Please let me know what you would need from me to move forward with more details. We have a combined retail and residential space.

@Daniel Hyman Thank you for the recommendation.

Looking to get a Cost Segregation Study done on our property we bought this year. Looking to get it done this year for tax purposes. Any recommendations for the KC area? It is in Bonner Springs, KS.

@Aaron Natalie

Would need to be licensed in KS. The property is in Bonner Springs, KS.

Looking for a Real Estate Attorney in the local Kansas City area. Looking to have a 6-7 page agreement reviewed. Seller Financing Contract for Deed. Need it reviewed on 1/17 or 1/18 if possible.

@Wayne Brooks

That’s what we figured. I guess it is saving him in case we tried to do something crazy or dip out.

@Steve Morris

Thanks for the reply. That’s what we were thinking too. Just wanted to be sure. This is our first seller finance so not sure what is typical and what isn’t.

Seller included the following clause in the Improvements section of our contract (using Seller Financing):

Buyer shall keep the premises in good repair at their own expense during the life of this contract, and shall not make any changes or structural alternations to the premises without written consent of the seller. In the event all of the terms of this contract have been complied with, seller shall not unreasonably withhold such permission.

We do not intend to demolish or anything like that. Just general updates, possible new flooring...

Is this a normal clause? What do think any restrictions could be? It is combined commercial and residential property. Could he stop us from updating apartments? Commercial space?

Hi All!

We are in discussions on our first potential investment property. The building is currently a combined residential and commercial rental property. Our plan is to have my wife's company in the commercial space and rent out the 3 residential units. 2 of the units are currently occupied for 1-1.5 years left on the contracts. The larger unit 3rd unit is not currently occupied. The residential units are in decent shape could use very light remodel/cosmetic work.

The building is currently off market. We get the feeling that the current owner does not NEED to sell it so we are treading lightly. He has offered to seller finance at 8% with 30% down. We have not brought in a real estate agent as we feel it may cause the deal to fall through. We have reached out to our bank that we would use but are afraid that it may cause the deal to fall through as well. He has mentioned he doesn't like banks. We would plan to get an inspection post closing so we at least have a to-do list. Inspection would usually be required by me but (again) we feel it may cause the deal to not go through. 

The financials look good on it based on the calculators on BiggerPockets. They look way better at market interest rates and typical bank lending down payments. 

General question(s) - Are we being too lenient with him? 

Should we still get our agent involved? He currently does not have one. Can we get paperwork from the local title company if needed?

Should we request the tenet deposits as a part of the deal?

We are going to request the tenet agreements tomorrow. 

Are there other things we should be asking? HVACs look good, electrical looked up to code...