All Forum Posts by: Karen Devlin

@Ronald Rohde, thanks for checking in! Price hasn't been lowered yet. We're in the early due diligence process... requesting tax returns, storage leases, etc. 

As an aside, anyone have experience with SBA loans? We may go that route... 

I was in this situation a couple of years ago. The seller's agent was also incompetent and the seller was out of state. 

I finally had my attorney draft a letter directly to the seller and copied the title company. I got my money back within 24 hours after my agent delivered it to the title company who in turn notified the seller. 

Yeah, it cost me a few hundred bucks but was well worth it for a clean and quick resolution. 

@Israel Garavito, I'd love the full list. Feel free to PM me! Thank you in advance. :) 

@Israel Garavito, thank you! Great advice all around. Re: DD period - yes, technically I have 20 days for inspections... I just meant that I have until Monday EOD for contract review. 

I really appreciate your list of things to review. In fact, I'm going to print this off and take it with me when I visit the facility! I will also insist on seeing every unit. It might take a few hours, but it's better than being on an episode of Unsolved Mysteries one day! 

Yes @Jason Leavitt, the seller is providing documentation of rental agreements for all units. 

Well, we are under contract! I have until Monday afternoon to perform due diligence. 

Here's another question: 

the counter offer from the seller stipulates that the seller will not provide estoppel certificates for each tenant. Anyone run across this before? Is this an unusual request? 

@Jonathan R McLaughlin, yes I did see the Cushman and Wakefield report. It looks like I should be getting a B building given that the cap rate is currently 6%. 

@John Erlanger, thanks for clarifying that the land and the business are separate analyses. 

And @Greg Dickerson, great tips re: verifying tax returns and pipeline development. That is something I haven't considered yet, but I do know that the current vacancy rate at the facility I'm interested in is only 3% (5 vacant units out of 151 total). So that is promising! 

@Jonathan R McLaughlin did you see that the $45K NOI is only through July 2020?

@Jonathan R McLaughlin, thanks for the input. What NOI would you consider to be performing well for 1.3MM?

NOI is from the business…