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19
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15
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Krunal Patel
  • Realtor
  • Bartlett, IL
15
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19
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New investor purchasing two 6 units apartment building

Krunal Patel
  • Realtor
  • Bartlett, IL
Posted

I am partnering up with two other partners and purchasing two buildings - 6 units each. 
Closing is end of next month. I am not sure what all the things I need to do before closing since I will be managing both the buildings. 

my Lender is taking care of registering LLC and everything. I am tech savvy and would like to implement some automation in the property management.

Please share your thoughts on todo list before the closing and even after the closing. 

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12,463
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8,861
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Drew Sygit
  • Property Manager
  • Royal Oak, MI
8,861
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12,463
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Drew Sygit
  • Property Manager
  • Royal Oak, MI
Replied
Quote from @Krunal Patel:

I am partnering up with two other partners and purchasing two buildings - 6 units each. 
Closing is end of next month. I am not sure what all the things I need to do before closing since I will be managing both the buildings. 

my Lender is taking care of registering LLC and everything. I am tech savvy and would like to implement some automation in the property management.

Please share your thoughts on todo list before the closing and even after the closing. 


 How strong is your partnership agreement?

What happens if one of you wants out early?
- Will other partners have right of first refusal to buyout?
- At what price?

What happens if someone dies?

What happens if additional capital is needed?

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Logical Property Management
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