
25 July 2024 | 33 replies
We have acquired over 500 loans throughout our current and prior offerings.

23 July 2024 | 11 replies
If I were in your position, I would either - Ask for the nurses contract or recruiter contact to verify employment and use this as the background and credit check (most travel assignments require you to get a background check prior to going to a hospital, and the contract would prove employment and term) - Offer the nurse a month to month rental with options to extend but require my cleaner to go in every month to clean and assess"

22 July 2024 | 20 replies
I am also working with this lender and they are requesting lender private mortgage insurance to be wired to them prior to closing.

22 July 2024 | 9 replies
They may be able to transfer title to LLC after closing, but it will be best to check with your lender if there are any restrictions to do so prior to that lender selling that loan in the secondary market.

22 July 2024 | 8 replies
Is there a specific reason why you are wanting to obtain this information 6 months prior to the expiration of the current lease term?

22 July 2024 | 82 replies
You can't do a double closing because you can't market the property or contract prior to owning it.You can buy the property then market it.You could also get owner financing for 60 to 90 days and then market the property for sale.

22 July 2024 | 19 replies
The home inspection was completed prior to the seller passing away so all contingencies were lifted.

22 July 2024 | 0 replies
A portion of it to reserve for refinancing and most of it to pay off credit cards and prior debt.

23 July 2024 | 10 replies
Sometimes owners are unable to fix or update these issues prior to close.

21 July 2024 | 12 replies
Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.