Hello BP Family,
We are about to go under contract for our first small multifamily property. For discussion purposes, I will use a 10 - 14 unit in SC example. We expect to have a 30 day due diligence period followed by a 30 day period to close. Therefore, we have to close within 60 days from contract date. We would appreciate any insight on the purchase process and financing connections we can get.
Assumptions:
1) Credit score of all parties is 720 or higher.
2) For our due diligence, we are planning to have the following done:
a) An inspection
b) A PCA (this includes an alta survey and an environmental study)
3) We would like to put as little as possible down and obtain the longest amortization possible.
Questions:
1) Does the 30/30 sound reasonable and could we expect complete due diligence within 30 days and to close within 60 days total?
2) Are we missing anything for due diligence?
3) If we are doing a PCA, should we still have an inspection done or does the PCA cover everything under standard inspection?
4) What can we expect for financing?
5) I would receiving information on lenders willing to finance this purchase for us.
Thanks in advance for your help.
