I have been working this lead I picked up and trying to figure it out as I go.
Checking with the city on zoning and codes etc. Doing research on underwriting.
Ive been advised to get it under contract with the seller before I bring contractors in and start vetting investors.
Do I just Google real estate attorneys and have someone draw something up?
Once you decide if it's a good deal you will want to start with an LOI to settle on the general terms of the contract. Once you have agreement on the terms you can then approach the attorney to draft the actual contract. You can also have the attorney do the LOI as well but thats pretty straight forward. Make sure you have an attorney who handles the type of property you are looking at. Some specialize in residential only and do not do commercial and multifamily so getting a recommendation from other multifamily investors is a good suggestion.
I have been working this lead I picked up and trying to figure it out as I go.
Checking with the city on zoning and codes etc. Doing research on underwriting.
Ive been advised to get it under contract with the seller before I bring contractors in and start vetting investors.
Do I just Google real estate attorneys and have someone draw something up?
Once you decide if it's a good deal you will want to start with an LOI to settle on the general terms of the contract. Once you have agreement on the terms you can then approach the attorney to draft the actual contract. You can also have the attorney do the LOI as well but thats pretty straight forward. Make sure you have an attorney who handles the type of property you are looking at. Some specialize in residential only and do not do commercial and multifamily so getting a recommendation from other multifamily investors is a good suggestion.
Investor · Cleveland, OH · Member since 2019 · 147 posts · 156 votes
5y
Definitely have an attorney draft the actual purchase agreement! You could do an LOI which isn't really binding just to get your terms on paper and have the seller somewhat commit to them. During that time, you can start some of your DD and have the attorney draw up the actual purchase agreement. Make sure you work with an experienced real estate attorney (preferably one that has experience in the property type you're putting an offer on and has done quite a few deals).