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Updated almost 9 years ago on . Most recent reply

User Stats

17
Posts
6
Votes
Dean Miller
  • Investor
  • Jefferson, GA
6
Votes |
17
Posts

Townhome Investing Due Diligence

Dean Miller
  • Investor
  • Jefferson, GA
Posted

After a day of door knocking I just placed a pre-foreclosure townhouse under contract as a Sub 2 purchase.  I've purchased SF homes in the past as part of my rental portfolio but have never purchased a townhouse.  My question is what king of due diligence should I be doing thats different from a SF home purchase? 

The following are some items I came up with so far:

  1. Rental restrictions.
  2. Number of rentals allowed and current number of rentals.
  3. Does the property qualify for FHA financing.
  4. Financial statement of HOA.
  5. Meeting minutes of HOA.
  6.  ???
  7. ???
  8. ???

I'm sure there are more so any advise would be greatly appreciated.  I have multiple exit strategies that include flipping, sell under a lease purchase option or sell using seller financing with a wrap-around mortgage.

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