Ryan McNeil
Egress/Exit Issues on a 3-Family
16 March 2020 | 0 replies
I have come up with 1) adding a dormer to raise the ceiling, 2) sprinkler system 3) opening up walls on the main corridor so its considered opened though I'm not 100% this solves my issue and 4) completely fireproofing the main corridor.
Dorys Prentice
Unemployment Numbers due to Coronavirus?
17 March 2020 | 3 replies
We started this with a very fragile financial system and the oil war may have been enough to pop the giant global debt bubble by itself.
Kevin M.
Evictions Halting in Philadelphia
18 March 2020 | 9 replies
I'd rather have half a payment in 15 days, half a payment in 30, and have the remainder paid over 2 months, for example, versus tossing someone onto the streets (garnering an unsavory reputation) and then trying to fill a vacancy with a smaller tenant pool.There is a difference between a person having no control over a pandemic and having their primary source of income shut down for 2 weeks, and a deadbeat trying to take advantage of the system.
Tony P.
What would you buy VOO or VFV - Canada
18 March 2020 | 4 replies
Its kind of a complicated system but you can find some info on google.
Brant Schumaker
COVID-19: Answering questions as an epidemiologist
17 April 2020 | 22 replies
The purpose of the social distancing is just to slow the progression to avoid overwhelming the healthcare system.
Anthony Zotto
Tenants want rent reduction due to virus?
18 March 2020 | 13 replies
Unfortunately there will be those who will game the system and with eviction moratoriums and rent controls there will be little you can do.Lenders are preparing contingency plans to work with property owners facing these challenges so reach out to them and find out what your options are.
Ethan Johnson
Analyzing MHP Deal - Buy or Not?
6 April 2020 | 13 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…
Scott Trench
Act Now or Wait? IF Under Contract - Close, or Back Out?
19 March 2020 | 41 replies
This just has to take it's time to get through the system.