Hello BP folks,
I just picked up a 200+ unit in Atlanta GA that we'll be syndicating and I could use a recommendation for a seasoned & thorough property inspector for our DD process.
I'll be in Atlanta end of next week (March 29th ish) so need to line up another good inspector option soon.
For a project of that size I would recommend Dominion Due Diligence or EMG to complete the property condition report. We frequently utilize them as a lender and they're very good.
@Tom Reid , awesome and congrats.
If you are using 3rd party management, have you asked them for recommendations?
For the 1000 doors I bought in Atlanta and the 500+ units I have under contract, I have used connections through management company.
By the way your lender will order and you will pay for a property conditions assessment (PCA).
I made this mistake when I first started. I engaged the services of a property inspector to do a report. My lender used someone else and didn't accept my report so I paid twice.
@Brian Adams Thank you. And thanks for those suggestions. I've also asked the team we're engaged with in Atlanta (PM, Broker, etc.) for an inspector but it's always good to have a deep bench. So I thought I'd check here too.
Good to know about the lender not accepting your inspection report. Luckily I've not run into that issue on my previous deals. But I'll confirm with our lender on this one to make sure.
@Kyle Jean Thank you for that suggestion. I'll look into them too.
If your doing any type of conventional financing the lender will order the PCR, Phase I, and Appraisal, you’ll have control over title and survey. Your broker should have a few options for you. We use EBI a lot with our borrowers, fair pricing and typically very quick.
Every time we get the lender's PCA report I find it lacking so we work with our property management partners to do the inspections in-house.
We do get some 3rd professionals to come out and help us (plumber with sewer cameras, roofers, etc.) but we have our team walk the units using our forms.
We Aldo walk every unit, an inspector will usually stop at 5%-10% of the units.
If you feel that a 3rd party inspector is the right way to go, you mortgage broker will usually have a list that's already been approved with the lender.
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