All Forum Posts by: Long Yang

Hi BP community, got the contract back from the seller, which is a RE service company. I was given the option to use them as the closing agent or choose my own. Should I be worried there will be a conflict of interest and choose my own and spend the money to have a peace of mind? Also regardless of who the closing agent is, should I definitely buy title insurance? Thank you in advance for the help. 

Hi BP, 

I'm currently looking at a 8 unit all residential multifamily building. The owner has operated this building for almost 20 years. But it is currently in a B1-2 zone. What documents do I need from the seller to verify the current usage is grandfathered in and in conforming status? And also assure that the current residential usage will not change with new ownership? 

Thank you!

Chicago, IL

If a current multifamily all residential two story 8 unit building is in business B1-2 zoning, where only residential usage is allowed on the second floor, does the certificate of occupancy show that its usage is grandfathered in and is in compliance with the zoning law?

Hi, we are about to go under contract for a 8 unit building. The seller says the boiler is three years old but 1) the seller doesn't have manufacturer warranty or 2) he can't find the warranty information. Should we just wait for the inspection period to see the boiler condition? And make requests such as seller pay for home warranty, credit purchase price, or do the repairs based on the finding? Or should we negotiate something like "seller pay for any boiler repairs above $1000 in the first two years" into the contract first? 

 Thank you biggerpockets community!