Hi I am in the process of Purchasing my first 4plex in Mesa AZ. What documents leading up to closing and so on are imperative for a lawyer to look over. Obviously there is a lot of paperwork and i don't want to spend funds where i don't have to unless it's necessary, ex: should he look at prequal and financial breakdown etc.. and for my CPA the same question, is there something specific coming up while i'm collecting all financials he should be looking over or is it literally everything?
Since you are willing to pay for a lawyer and a CPA, I would recommend you hire a realtor to guide you through the paperwork leading up to closing. An agent familiar with investors and investment property is critical when deciding on a first purchase.
@Larry Fullard Arizona is typically not an attorney state when dealing in residential real estate. (single-family - 4 Plex) Attorneys are common in large commercial deals in Arizona. I would recommend a qualified Real Estate Broker that understands Property Management/Rentals review the property, the leases, etc to determine what you have or don't have. If specific questions arise you might then approach an attorney to review.
Arizona is an Escrow and Title State which means you get a property under contract, open Escrow at an Escrow Co and Escrow typically also provide the Title research and underlying Title Insurance, etc.
The CPA might be very useful in determining if the numbers work for you, just be sure the CPA gets good numbers. I see a few, OK more than a few throwing numbers around that aren't real. Properties have income and expenses, false numbers on either side skew the results.
Mesa, AZ is a great market, we currently have zero vacancies in properties we manage!
Az it's a no attorney state! I would say get familiar with all the documents that you have to provide cause if you wanna go down that road and be an investor( even passive...) it's good be documented and be on top of everything. 4 plex it's still a residential loan, the docs are pretty easy but complicated at the same time for someone who's doing this for the first time.
They gonna ask you to provide ALL the financials...and I mean ALL!! But that's good because we don't wanna end up like in 2007-2008.
Let me know if you have any other questions. I would glad to answer and help!
And Congrats!!! :)