All Forum Posts by: Grant Wieczorek

I think I am getting the hang of this, but it is still wishy washy in my mind.  The on site people at a complex are going to do the day to day work, and the "property management" line on the expense line are the ones that set and check budgets, hire/fire, create tax forms, monitor legal filings, etc.  Does that seem right? anyone know of a comprehensive list somewhere of what each group would be responsible for?

I have come across a few properties where one would assume a loan as opposed to buying the property outright for cash and putting new debt on it.  My attorney said this is a much easier process.  Are there significant differences?  You still would have a due diligence period and have an inspection I would assume?  Are there additional considerations with loan assumptions or is it as clean cut as it appears?

I (believe) I am about to enter into a PSA on a MF building ~ 100 units in size.  I am going to do Agency debt and will have to have a 3rd party PM.  However, this has got me thinking, if I do want to start buying large MF properties, should I start a PM company myself?  I have heard it is a drain, but Ken McElroy notes on his podcast that PM experience is invaluable and I have the time to do so.  I would have to relocate but leaving NYC for anywhere that I wouldn't pay obscene rent is not something that's going to hold me back.  I know it will probably be a process before I am able to buy with Agencies and use my own PM, but I think I should consider right out of the gate as opposed to if/when I get 1,000+ units under control.  Thoughts?

How fast can you get the Appraisal/Property Condition/Environmental reports turned around? 

Sellers seem to be keen on shorter DD periods and if I can get these reports in 2 weeks more or less that would be a home run.

I read a listing that described a property with a tenant base of approx 30% subsidized that stated there was significant upside to declare the property section 8.  How's that work?  Market rent's won't command higher top line?

Amusing and informative thanks Michael!

Is it even possible to switch a building from 1 water bill to having each individual unit being metered?  Anyone with experience doing so?  I would imagine it being quite $$$

I am currently in the process of assembling a team for buying Multi's across the country. I am a CPA and am comfortable with bookkeeping and filing to form an LLC. I am unfamiliar with what I would require from an attorney and due diligence specialist. I will not be shopping locally since I live in NYC. Are there attorney's and due diligence specialists that operate primarily online and would be able to service the entire country or are these functions that are typically done at a local level?