All Forum Posts by: Greg W.
Greg W. has started 30 posts and replied 60 times.
Post: documents requested by commercial appraisers
- Chicago, IL
- Posts 71
- Votes 7
Originally posted by @Jeff Kehl:
@Greg W. I would agree this would depend on a lot of factors so it's hard to answer this but I have been through it a couple times and they have just asked my property manager for a rent roll and 12 month p/l. They have never asked me for my tax return.
Thank you!
Post: documents requested by commercial appraisers
- Chicago, IL
- Posts 71
- Votes 7
Originally posted by @Joel Owens:
Documents requested depend on the lender and their loan requirements.
Lenders will generally on the commercial side have appraisers they know and trust to use for the loan. The lender will generally bid out to those in their network to see who can turn the report around the fastest and for what price.
How the fast the appraisal is needed will depend on due diligence in the purchase and sale contract and other variables the seller and buyer might be facing. Generally the faster the report needs to be back the more expensive the cost.
Thank you! Usually, is a scedule E/tax return efficient? What have you seen requested in your experience?
Greg
Post: documents requested by commercial appraisers
- Chicago, IL
- Posts 71
- Votes 7
Hi, I will be refinancing my 7 unit building soon and would like to know, what documents do a commercial appraiser request to understand the financials? Would last year's tax return be enough? Or do they need rent rolls, leases etc.?
Thank you
Post: documents requested by commercial appraisers
- Chicago, IL
- Posts 71
- Votes 7
Hi, I will be refinancing my 7 unit building soon and would like to know, what documents do a commercial appraiser request to understand the financials? Would last year's tax return be enough? Or do they need rent rolls, leases etc.?
Thank you
Post: documents requested by commercial appraisers
- Chicago, IL
- Posts 71
- Votes 7
Hi, I will be refinancing my 7 unit building soon and would like to know, what documents do a commercial appraiser request to understand the financials? Would last year's tax return be enough? Or do they need rent rolls, leases etc.?
Thank you
Post: 7 unit property and small lot on purchase agreement?
- Chicago, IL
- Posts 71
- Votes 7
Originally posted by @Charlie Fitzgerald:
Yes. And include the legal description and parcel number of the lot as well.
Will work on this Monday. Thanks you
Post: 7 unit property and small lot on purchase agreement?
- Chicago, IL
- Posts 71
- Votes 7
Originally posted by @Charlie Fitzgerald:
If it's two seperate parcels yes. If it's part of the parcel that the 7 units sit on, probably not.
So if there is two separate tax bills, then it should be put in purchase agreement?
Thanks
Greg W
Post: 7 unit property and small lot on purchase agreement?
- Chicago, IL
- Posts 71
- Votes 7
would it have separate taxes if it is part of the parcel that the 7 unit sits on? Sry for the noon questions
Greg W
Post: 7 unit property and small lot on purchase agreement?
- Chicago, IL
- Posts 71
- Votes 7
Hi guys,
I am in the process of buying a 7 unit building. There is a separate small tax amount in a spreadsheet seller sent me, which is the lot that tenants park on. However In our purchase agreement, we only have the address of the main property. Does the address of the smaller lot need to be added for me to gain ownership of that also? Seller owns both and is intending on selling small lot to me with building.
Thanks
Greg W
Post: can I leverage 35% equity?
- Chicago, IL
- Posts 71
- Votes 7
good ideas...I will inquire about business line of credit. Thanks!