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11 March 2020 | 2 replies
I have been reading articles but can't seem to find the info I need to make a decision.
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11 March 2020 | 6 replies
Here is a link to a BP article by @Paul Moore that explains multifamily valuation much better than I can, hope this is helpful for you:https://www.biggerpockets.com/blog/cap-rate-real-estate
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10 March 2020 | 2 replies
Account for a thorough physical and title inspection of the property.
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2 April 2020 | 7 replies
The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…
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10 March 2020 | 1 reply
After listening to the podcast and reading some articles I've started creating much better spreadsheets tracking my 3 rental properties.
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9 April 2020 | 11 replies
I have a lot of medical and non-profit type tenants that require meeting with clients that will still need the physical location at least for the forseeable future.
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11 March 2020 | 5 replies
Next Steps:Reading through countless BP articles and being a religious follower of the BP RE podcast, I knew that I needed to develop some strategy before just taking the plunge into RE investing.
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7 June 2020 | 8 replies
Here is a recent article I read from Forbes, hopefully this helps but still a good idea to seek advice from tax advisor.https://www.forbes.com/sites/b...
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11 February 2021 | 19 replies
However, as of the writing of this post, I don't believe either have been extended to that date (though I'm guessing it's likely they will be).Here's a couple articles with more info on that part of it if you're interested:Biden Signs Executive Order to Extend Eviction Moratorium.
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12 June 2020 | 8 replies
The questions are rather generic and there are lots of articles and posts giving generic answers, so I'll just post a short reply.1.