All Forum Posts by: Kevin Park

We are looking for a reliable property management company that can manage a 17 unit multi-family property in Washington DC (currently under contract), and it would be a plus if they have some HCVP experience. We have other properties professionally managed, but the current property manager are at their full capacity that they cannot take on any other properties. If you can recommend any good candidates, it would be greatly appreciated. 

Thank you. 

@Eric Teran Many thanks! Will look forward to hearing from you via PM :) 

Hi BP Members,

I am Kevin Park, who is very eager to close on our first real estate investment in Washington DC. This 7 unit property needs some work to do, so we are looking for one or two good general contractors in the area. Please, let me know if you know anyone you can recommend. 

Thank you!

Best,

Kevin 

Thank you so much for your advice. I would love to build that kind of expertise one day! @Russell Brazil

@Ray Harrell I believe those hazard substance inspections are required to be done by licensed engineers in Washington DC, but yeah, I am pretty certain that I have to dig deeper for better prices at least. 

Hi Jefferey, this project is seller-financed, so it would not involve a typical lender who would require it as a part of due diligence. Sure, I will PM you in a bit :) 

Thank you so much, Ray! Too much of a price gap that cannot be justified, hmm...

We are about to purchase a 7 unit multifamily property in Washington DC (our first investment) last renovated in 1964, but the property is clean and looks structurally sound. Our legal counsel recommended that we have inspector do Environmental Phase I and Property Assessment test (hazard materials such as asbestos, mold, or lead paint) on the property based on the boilerplate disclaimers in the purchase and sales agreement. So I approached a couple of inspectors, and they are asking about ~$4-6K, but their proposal suggests that it's based on their senior engineer's visual inspection except one inspector using some sort of x-ray for asbestos. I would like to ask your opinions as to whether these inspections add value? Alternatively, I was just thinking about waking thorough with our inspector. 

Thank you. 

As a broker offered (we think) a good opportunity, our family is thinking of investing in multi-family apartment building in Virginia as a LP . I learned only in books while I took commercial real estate class at a law school a few years ago, so I do not know much. So, I have a couple of questions:

1. Is is common to have a limited partnership structure for a multi-unit property after construction phase? The property is fully leased up, and a current LP (a closed end fund) is leaving as the term of the fund is about to expire.
2. If the limited partnership owns the property, what does the ownership structure look like? Is the title under the name of GP?
3. The property is going to be leveraged, and what does the typical commercial real estate loan look like? Full amortization or partial? 
4. What protections does a LP have against a GP's misconduct? I know it is a matter of the partnership agreement that dictates the relationship between a GP and a LP(s), but just conventional terms would help me understand (or a model partnership agreement.)
5. What is a typical exit plan of a LP? 

Any comments would be greatly appreciated. Thanks!