All Forum Posts by: Account Closed

@Anthony Then

Both, man. Who says you can't own some rentals and small parts of a number of good companies? You just gotta go where the value is.

@Ian Stuart Wow that's comprehensive! I'll be adding all of that to my DD checklist

@Lee Yoder That's what I'm landing on. Got my PM providing a boots on the ground opinion. My only concern is going too low based on the lack of information, but PM assumptions should help temper that.

When confirming tenant rents do you get estoppel agreements? Or is verbal confirmation enough for you?

@Ian Stuart Great advice Ian. Always good to hear from the lending side as you fine folks are always looking for the most and best information available. We're thinking of financing after acquisition, but I absolutely love the line about my lender needing T12 and RR -- I at least know my partner(s) definitely will!

Agree with you about the problems with small multi owners and their records. I'm looking at it as an opportunity...but it's got it's own headaches. Gotta sift through some dirt to find the gold!

@Todd Dexheimer Actionable advice if I've ever heard it. Thanks Todd!

@Dallon Schultz Thanks for responding! It is professionally managed, but you bring up a really good point on why he might be dragging his feet a bit

@Peter T.

When I was a PM we would do pre move-in video inspections. A day or two before the tenant moved in we would take a long inspection walk through and video the whole thing. Detailing anything we saw, damage or otherwise. Just so we had a proper, videoed account of the property. We'd then upload, unlisted, to YouTube and share it with the owner. At move out we would do a similar video, detailing any immediate damage. This was good for our records. We also compared them side by side to make sure we weren't unduly charging someone for existing damage.

@Joseph Gozlan Thanks Joseph! I've been worried about that in looking at building under 50 units. This guy does have it professionally managed, hoping that makes it easier. Though I was wondering if he didnt want to ask for financials from his PM and tip them off to a potential sale

@Marcia Maynard Appreciate that Marcia! Was thinking about making a conservative (but not insulting) offer and working from there. I'm crossing checking my estimates with my PMs to get a better average, especially given hos insights and the higher potential turnover with a student tenant base

@Arn Cenedella Thank Arn, appreciate the insight