Mike Campbell
Du Diligence period check off list. Do you have one ?
21 December 2015 | 15 replies
Here is item 3 mentioned above1.Delivery of Property Information Items: Within 7 days after the effective date, Seller will deliver to the Buyer:a)copies of all current tenant applications and leases pertaining to the Property certified to be true and correct, including any modifications, supplements, or amendments to the leases (applications, leases, modifications, supplements and/or amendments to be made available to Buyer during regular business hours at the Property);b)current rent roll (showing lease rent, delinquencies, lease expiration and security deposits paid), certified by Seller to be true and correct;c)most recent 3 months bank deposits;d)a copy of Seller's income and expense statement for the Property for the last 36 months immediately preceding the effective date;e)copies of the Evidence of Insurance for all policies since the last renewal, including invoices, current policy, and copies of the last three years loss run from the insurance carriers for fire, hazard, liability and any other insurance policy that relates to the property;f)copies of all previous surveys, environmental assessments, geotechnical reports, studies, architectural, engineering feasibility studies, “as builts”, plats, or analyses made on or relating to the Property, including maps, plans and drawings;g)real and personal property tax statements and any appraisal notices for the Property for the previous 2 calendar years;h)copies of current capacity letters, and current utility bills from the property's water, sewer, gas electric, trash, phone and cable service providers for the past two years, or permission to access these accounts;i)copy of existing Property Management Agreement; a)payroll detail – 2012W-2s, YTD monthly, and most recent Y-T-D paystubs;b)a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property;c)copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing;d)copies of all current service, and maintenance, agreements relating to the ownership and operation of the Property; including but not limited to: Laundry Lease, Cable/Satellite, Electric, Phones, Leasing, Commission, Advertising or other;e)copies of all current warranties and guaranties relating to all or part of the Property;f)current and past capital expenditures for the past three years;g)copies of all work orders for repairs incurred by Seller for the Property in the 24 months immediately preceding the Adjusted Effective Date; (work orders to be made available to Buyer during regular business hours at the Property)
John Blythe
Help me know what I don't know I don't know
19 December 2015 | 8 replies
What kind of electrical service is there?
Claude Boiron
Added $5M value to a building
20 December 2015 | 5 replies
With the guidance of an excellent Electrical Engineer, who happened to be an MBA as well, we created a complicated but thorough spreadsheet model which called for an over-sizing of the solar panels versus the inverter size.
Ozzy Smith
How I got an extra $100 per month for nothing
21 December 2015 | 9 replies
This is normal in my market.Tenants already pay their own gas, electric, and water bill.For $25/month extra I supply a stove/fridge.For $25/month extra I supply a washer/dryer.I rarely have anyone take me up on this offer.
Terry Sutherland
too good of a deal? hard money
29 December 2015 | 91 replies
Check your state as well and be firm in your resolve.This is a technique I had to learn the hard way...but I never understood how building code "modulars" could be assembled in a factory with all the inspections like electrical and plumbing so I called them and asked how many county building inspectors they had on payroll to build all those homes and they said "None".
Harley S.
Tenant Invoicing Me
4 January 2016 | 10 replies
In the process of purchasing the unit the seller let us know that one of the units gas, water, sewer and electric is actually paid by his unit (shared) but that tenant only pays a monthly rent with utilities included.
Rick Bassett
Any luck collecting from former tenants?
20 December 2015 | 11 replies
When we do a maintenance inspection, it is often a focused inspection on a particular system (plumbing, electrical, HVAC, weatherization, etc.) appropriate to the season.
Randall George
Prospective fourplex analysis
20 December 2015 | 5 replies
Owner pays Water/ sewage and trash removal, while tenants pay electric and gas.
Edward C.
Analyzing Luxury Units
21 December 2015 | 4 replies
You're talking about putting in a huge amount of plumbing, electrical, etc.
Mike Gannon
VA maxed, FHA in use, what next!?
22 December 2015 | 8 replies
The rural development loans didn't work for us this time due to the lifestyle up here, with an eye towards renting to single families, we didn't want to add the caveat of having to haul water to a dry property, and most renters want amenities such as electricity and plumbing lol.