New York, NY · Member since 2018 · 4 posts · 0 votes
Hello,
I'm doing some general research on this industry to find out who the key people to developing or buying/selling multi-family home are.
So far, I see:
- Investors (if applicable)
- Lenders (if applicable)
- Developers
- Appraisers
- Title Companies
- Construction Companies/Builders (if applicable)
- Management Companies (if applicable)
- Maintenance Companies
I'm sure there are tons of contractors and sub-contractors but I'd only like to know which ones people take the most care in selecting because they can make or break your deal.
Investor · Morrisville, NC · Member since 2012 · 1k+ posts · 673 votes
8y
@Lisa S. You definitely need good attorneys to review contracts. And you might need specialized attorneys, if you are doing syndication/partnerships. You also need good Tax accountants, to understand tax implications. You definitely need commercial brokers to broker the deal, and you possibly might need leasing agent, if you are purchasing mixed used type MF properties.
Investor · Morrisville, NC · Member since 2012 · 1k+ posts · 673 votes
8y
@Lisa S.If the property you are purchasing is not new, then you need a Contractor to give you an idea about what it might cost to redo drywalls, kitchen, run pipes. Do you need a new carpet/hardwood/tiles? What will it cost? Will you need a new HVAC system? What's the state of the roof? Are you using the right plumbing? How about those who check to see if the property you are purchasing might have some environmental hazards/ chemicals or might have been built on some old dumpster/gas station?
New York, NY · Member since 2018 · 4 posts · 0 votes
8y
Is finding reliable people in these areas when moving into new markets a pain, where you have to go through lots of trial and error, or does networking or something else generally take care of this issue?
Insurance Broker/Investor · Truro, Nova Scotia · Member since 2017 · 19 posts · 10 votes
8y
You shouldn't forget about a good insurance broker. Being able to meet the condition of insurance is required when trying to close. Of course any lender is going to want to confirm that there is insurance in place to protect their investment in the deal.