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Updated almost 8 years ago on . Most recent reply

User Stats

121
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14
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Abad Marroquin
  • Chatsworth, GA
14
Votes |
121
Posts

28 Unit Apartment Under Contract and Need Help!

Abad Marroquin
  • Chatsworth, GA
Posted

I have a 28 unit apartments under contract in Georgia. The purchase price is $450K

Now I am analyzing this deal. 

I have the rent roll, and I am requesting the operating expenses :

Property Taxes (I already got this from the county)

Insurance (I am getting a quote)

Matanance and repair 

Landscaping

Garbage

Power (If paid by owner)

Water and sewer (If paid by owner)

A copy of all leases of all occupied units

Year the roof was replaced

Year when last update took place 

The age of the AC units

What am I missing? 

  • Abad Marroquin
  • Most Popular Reply

    User Stats

    1,635
    Posts
    1,365
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    Michael Le
    • Developer
    • Houston, TX
    1,365
    Votes |
    1,635
    Posts
    Michael Le
    • Developer
    • Houston, TX
    Replied

    @Andrew Johnson I'm the same. My LOI is a pretty tight number and I'm basing it on detailed underwriting. Although the LOI is technically non-binding, to submit an offer and then try to change it afterwards is still seen reputationally as retrading, unless it's for something that is non-obvious like underground plumbing. But if you're lowering the offer because you 'suddenly' realize you need to repaint the exteriors then be prepared to not work with that broker again.

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