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17 March 2020 | 13 replies
We are nor panicking instead trying to think though some scenarios and communicate/plan on paper . 1.Ownership:1.Create a “Medial Power of Attorney” to take over decision control if any/all owners get sick 2.Communicate ownership delegation with property manager2.Property Manager/Other Employees:1.Communicate CDC requirements 2.Outline and agree upon rent collection work process if city were to shut down 3.Outline and communicate a call tree identifying repair personnel 3.Safety:1.For employees: Release funds to buy protective gear while working within premise 2.For tenants: Communicate 2 times a week with CDC requirement as COVID19 is a REPDI development 3.For Owner: Identify all elderly tenants and communicate with them to call CDC if they would show any sign4.For Owner: Identify companies who does preventive medical grade clearing if any cases to be identified within premise. 4.Insurance :1.Confirm with current insurance to avoid and potential liability from owner to tenant negligence perspective 5.Operations:1.Review plan for marketing to get tenants if people were to leave during outbreak 2.Review plan for eviction during shutdown (if any) 3.Review cash position: 10 months cash supply covering 10 month of debt payment .
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13 March 2020 | 11 replies
As for conventional lenders, these would be even fewer and further between.As @Erik Hatch mentions, a preapproval letter is not hard or time consuming to get, you can typically get one within an hour, but make sure you are outlining to any lender what your deal specifics are, meaning little or no money down.
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14 March 2020 | 13 replies
@Rion RedingerYou can't use a Self-directed IRA to invest in your business.You would need to consider a ROBS transaction.Here is a good outline of important considerations in choosing a ROBS provider: https://www.nerdwallet.com/blog/finance/how-to-choose-the-right-robs-provider-when-financing-a-business/
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9 June 2020 | 4 replies
As an example, the deal you outline is the kind I've been told to look for, so I think you'll have no problem getting funded with a Private Money Lender.
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19 March 2020 | 11 replies
With the considerations I have outlined above for missing and low expenses, I think you will be cash flowing negative for many years before this property finally starts to support itself.
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20 March 2020 | 3 replies
Clean and disinfectBelow is a link to the CDC (Centers for Disease Control and Prevention) which describes the outlined topics in more detail.https://www.cdc.gov/coronavirus/2019-ncov/prepare/prevention.html We hope you are safe and enjoying time with your family.
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23 March 2020 | 26 replies
Please note that this moratorium only applies to HUD subsidized housing.We recommend landlords and property owners take the following action: - Do not forgive any rent that is due unless you are prepared to forgive everyone's rent (which we do not recommend); - If you are going to offer hardship relief, compose written criteria outlining requirements for the relief and then apply that criteria to all applicants equally regardless of the tenants race, color, religion, national origin, age, sex, pregnancy, citizenship, familial status, and/or disability status; - Require your tenants to communicate with you in writing and keep copies of these writings in your tenant files; and - Continue to follow your normal processes and procedures, especially regarding evictions.
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17 March 2020 | 6 replies
Outline who you are, why you are interested in their property, and maybe add a little personal comment beyond "I am looking to grow my portfolio".
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12 April 2020 | 5 replies
I don't believe you can sell a portion of your 1031 entity, which is essentially what you outline here.
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19 March 2020 | 3 replies
They make the rules and will outline them.