All Forum Posts by: Dhanush Kondoth

Hello BP-ians,

I am looking at buying a multifamily in Dayton area. The property needs some work but I am not sure how much of work is needed. I am going to visit the property this weekend and would like to have a contractor walk the property with me to provide me with a rough estimate on the fixes. I am more than willing to pay for the time you will spend at the property. 

Hope to hear from you. 

DK

@Mindy Jensen sorry for my super quick response. Thanks for the heads up, I will definitely look into the estoppel statements. 

Just adding in to this discussion. Whats the take on the area around Childrens hospital and Livingston? Especially with the Childrens and Homeport expansions in the area?

@Robert Martin those are good points I would have definitely missed. Since all the property I have owned never came with existing tenants. 

@Scott Steffek Thanks. I will be doing he title search and contingencies. I will definitely be getting the rent roll.

I think I am more equipped now to deal with this. Thanks guys. Will keep you posted on how it goes. 

But since this is going to be a seller financing and don't want to involve an agent at the moment, I can pay a local Indiana title company to verify the deed and also ask a real estate attorney to write up a contract putting all the ifs and buts in it. Is that a solid plan (I have not done a seller finance based purchase before).

@Account Closed Thanks!

Any suggestions on title searching? should I look for a local title company to look into it or anybody across the country would be able to do this?

Hello Ladies and Gentlemen,

I am looking to buy a property in Indiana. This is a 12 unit property which is 1 unit short of 100% occupied. The property manager is one of the tenant and works in return for free rent. He has been there taking care of the property for 11 years. The current owner bought the property from estate sales after the original owner passed away early this year. He may be willing to do seller financing provided I can come up with a decent down payment that is agreeable to both of us. 

I have SFR and Duplex in Columbus but never owned a apartment/commercial property. What are the Due diligence I will need to do additional to what we usually do for residential properties?

Any other questions or red flags I need to look into? 

So far this is what I have done.

1. Checked the county website for facts on the property
2. Talked to the owner to cross verify what is on the county website. 
3. Took a virtual drive around the area via google earth/maps
4. Looked at demographics, market rates, market analysis, crime report and future prospects

 Its not Indianapolis but its a small city. 

Any thoughts and supports will be helpful. 

Thanks

Dhanush

 Exactly my thought too.

Hey Zack,the only thing I have used it is to get a quick glance of whether the property has mortgage on it or if it's free and clear. I also look at quick zoning info and tax values. I am sure there are other sources that can do the same.

@Paul thanks,trying to keep hard money as last option