All Forum Posts by: Christopher Munn

It gives the guidelines but doesn't explicitly say how to move forward.  I will try to update this thread with how things go 

Thanks for that advice.

So I have done the due diligence for the work. And that isn't the issue here.

The issue is the seller failed to perform maintenance in the final months of ownership. There are texts to prove that these requests were not met.

My question is simply would people go straight to legal? Or try to resolve with the seller first? 

My PA provides for indemnification on expenses and issues that arose during the sellers ownership period that are found during my ownership period.

Thanks

@Bjorn Ahlblad I have already scheduled to have the furnaces replaced. It's winter and the fact that residents without it for even a small extended period is ridiculous imo. 

I'm just wondering whats the best and most effective way to bring this up to the previous owner.

Just recently took over a building. 22 units bought from a local owner. The inspections were done in November but because of the holidays, the financing period was extended due to the banks needing extra time to close.

So after taking over, 2 tenants told me that their furnace is out and the previous owner was notified. It's clear he was just looking towards the sale and did nothing so it would become my responsibility. These are pretty costly items.

I specifically asked the owner (via the broker) if the maintenance requests were completed up to date, which was confirmed. 

The purchase agreement also gives me 9 months of indemnification. 

So my question is, what would the multifamily owners here, do in this situation? Create a running list and present to prior seller later, alert prior seller now, run it through legal, do nothing, etc?

Any advice would help.

Read this thread and went to buy Best Ever Apartment Syndication Book. Saw that it's like $50 for even the kindle version. Is that the price everyone here paid. I don't dispute that $50 could be worth it, but it's quite a high price for a kindle book.

Thanks

Thanks @Juan Vargas. I certainly didn't plan to be here but life is sometimes getting into a situation you didn't plan for. If I knew more about the KP space, I would have sought one sooner. I have reached out to people in my network but there are only a couple who may be able to satisfy the requirements. 

But I believe if there's a will, there's a way.

Bigger Pockets Family,

I recently put in an offer on a deal in the midwest where I have another apartment building and it was accepted. I have been on the phone with some mortgage brokers today and much of the feedback has been that I will need to find KP's if I want a non-recourse loan.

The loan on my other property is recourse through a local bank.

The broker stated that both for net worth requirements and also for experience.

My question is for those who have done the same thing or maybe even for some who have been KPs on deals themselves.

What is the best way to target someone to join on as a KP on my deal?

I'll admit that I don't have a huge network. I went to inner city public schools and don't come from a lot of money. I hustle to get things done and I figured I could contact my local REI group. But wanted any advice from some veterans here.

Thanks as always

Whoops...let me move this to the apartments thread.

Just to get a quick pulse of the market. When you all are buying/selling, what are EMD % you are seeing as of late?

Or better said, what percentage of the purchase price are you putting down/asking for, for an earnest money deposit?

Thanks as always