Advice on 5- unit multifamily refinance please!
Hey BP,
I’m in the process of helping a couple of family members manage their real estate portfolio in a more efficient manner. They have for the past 20 years managed their portfolio of 8 Properties (13 units) in an effective but dated manner.
Recently we've;
1) Introduced them to property management software for their self-managed properties allowing them to collect payments faster, screen tenants efficiently and track expenses more accurately.
2) Begun screening for new property management of the 5-unit property.
3) Started gathering documents for potential lenders.
My questions are these;
1) What documents are required to refinance a commercial property? As I search the web I find it difficult to get a clear description of the universal documents necessary to Refinance their 5-unit property other than the profit loss, personal statement, and Capital Expenditures.
2) Would you recommend using an Accountant to gather financial statements or should I try using QuickBooks (no experience)?
3) Can anyone recommend real estate accountants to help with his process?
4) General tips for the Multi-family Refinance process?
Our goal is to assemble all the required documents, allowing us to go to multiple lenders at once. This journey has been an amazing learning experience to date but I currently feel like I've hit a wall with my recent progress, any input is welcome. Thanks!
- Patrick H.