All Forum Posts by: Chi Sastry

In 2023 - I’m looking to buy 5-10 units in NC, SC or TN (I know - everyone is also!). 
I own 5 doors (1 STR and 4plex) in NC. How do I go about getting commercial financing? Any ideas for people that scaled from 2 to 10. How did you get financing in the last 1-2 years pls. I don't think something from last 10-15 will be as relevant. I should be able to get to 20% down if it's under 1M.

 Thank you so much!!

Hi BP - I own 5 units as of 2022. I’m

Looking for a CPA that’s taking new clients to do my 2022 taxes. I have filed an extension. 
it’s last minute- I know (something crappy happened)

Appreciate the help!

Chi

I bought a 4plex in Raleigh. I live in VA- 4hrs away. 100% occupied and LTRs.
got a few quotes to manage the properties- it comes to 8% commission, +200 lawn care - approx 470 a month for the 2 combined. 
Mgmt company keeps late fees and all expenses are paid by me. 
they also take 1/2month rent. 

Question is - should I try to self manage? This seems high. I won’t cash flow at all. 
what other considerations or issues should I consider- when I try to self-manage?

I work full-time. 
Thx for the insights! 

We are close to closing on a property 4plex. While shopping for insurance it was uncovered the building were built in 1997 vs 2009 as shown on MLS. What should I look for and should I still go ahead with the purchase.
inspection was good. Appraisal was at offer price. 
still nervous that the buildings are 10+ yrs older than what was represented. 

Andrew and Karl. Thx! I’m still looking.. if I see something 5+ units I might reachout to you Karl 

Thanks! I’ve put an offer. Before accepting the seller asked for this addendum. I’m having a lawyer look at it today. 
So we are not under contract yet.
if I say no - I think they will walk. It’ll be my 4th property that I’ve put an offer for and for for some reason or the other - it didn’t work out. So trying to keep my mind objective - and not get hasty to close either. 

I’ve put a contract on a 4-plex in NC and the seller wants me to fill out this addendum. Should I - if it’s not a big deal- which is the best option? I’m talking to a lawyer tomorrow also  

it sounds like for any reason I don’t close- I lose Ernest money… am I reading it right? 

1. This Addendum is attached to and made a part of the Contract between Buyer and Seller for the Property. IN THE EVENTOF A CONFLICT BETWEEN THIS ADDENDUM ANDTHE CONTRACT, THIS ADDENDUM SHALL CONTROL, EXCEPT THAT IN THE CASE OF SUCH A CONFLICT AS TO THE DESCRIPTION OF THE PROPERTY OR THE IDENTITY OF THE BUYER ORSELLER, THE CONTRACT SHALL CONTROL.

2. Buyer shall obtain an appraisal of the Property during the DueDiligence Period. The appraisal will be at the Buyer’sexpense and will be performed by a licensed North Carolina appraiser as ordered by Buyer’s lender.

3. If the Property appraises for less than the Purchase Price underthe Contract, then:

⬜ Buyer shall pay the difference between the appraised valueand the Contract Purchase Price and move to closing.

OR

⬜ Buyer shall pay the difference of the appraised value and theContract Purchase Price not to exceed $​and

not to exceed the Contract Purchase Price. Seller shall reduce Purchase Price to meet this price and both parties shall move to

closing.

OR

⬜ Buyer shall pay up to $​of the difference between theappraised value and the Contract Purchase Price

and move to closing.​Should the difference between theappraised value and the Contract Purchase Price exceed

$​and Seller is unable or unwilling to pay the difference,then Buyer may terminate the Contract and the Earnest MoneyDeposit shall be returned to Buyer. All other terms andconditions of the Contract shall remain in full force and effect.

OR

⬜ Buyer and Seller agree to amend Purchase Price under theContract to match the appraised value of the Property.

OR

⬜ Seller shall reduce the Purchase Price to match theappraised value subject to a floor of $​and both parties

shall move to closing. Should appraised value be less than$​, Buyer shall have the option of terminating the

contract and recovering the Earnest Money Deposit or payingthe difference between the appraised value and $ ​

and both parties shall move to closing.

Buyer acknowledges and agrees that by signing this Addendum, Earnest Money shall become non-refundable if Buyer terminatesthe contract before end of the Due Diligence Period except in the event Buyer becomes disqualified and unable to obtain a loan under Section 5(a) of the Contract or if, if applicable, Buyer’s contingent property does not sell under Section 5(b) of the Contract.​All other terms and conditions of the Contractshall remain in full force and effect.

Thanks!