Hi all! First post, excited to be part of the community. I'm hoping I can get some brief advice/guidelines, "gotchas", and rookie mistakes related to contract timelines on multi-unit properties.
I'm a recently licensed agent on the residential side of the business but I currently have a buyer looking for multi-units, anywhere from Duplex up to 10-20 unit apartments.
My dilemma is this: I understand how to write a strong contract on the residential side. My worry is that as the target properties scale in size, my ability to write a strong contract could falter due to my inexperience and I will potentially be hurting my clients' ability to snag a deal.
Ultimately I plan to enlist the mentorship and help of more experienced commercial agents in my office when it comes down to writing a contract, but for now I wondered if the community has some general guidelines or advice on things such as:
- Inspection period: How long do you need for 5 unit, 10 unit, etc...?
- Appraisal & Loan: What proactive steps are necessary on the multi-unit side? How long do commercial appraisers take?
- Due Diligence Docs: How long for these? And besides the obvious like leases, any other really important ones here that aren't seen in residential?
- Closing: Average time from MEC? What deadlines scale the most with larger units and force closing out farther?
Thanks in advance!