All Forum Posts by: Percy N.

In most state you may an EMD but for single-family (4 units and under), it is generally contingent on a clean inspection, title, financing, etc.

Be leary of anyone asking for a non-refundable deposit for SFR, especially if they want it paid to them and not a title company, attorney or realtor.

For commercial properties (5+ units), it may only be contingent on a clear title and a DD inspection (for which you get 30 days), after that the money is "hard".

Apps seem to be the latest way to accept payments and it provides increased transparency to the transactions if you are using a 3rd party servicer.

Check with an SEC attorney, but my understanding is that a US Tax ID Number (SSN, EIN, TIN) is key if the syndication is going the Reg D 506(b) or (c) route.

If you want to accept foreign investors, you may need to do a Reg S raise. Again, talk to an SEC attorney about the details.

Underwrite it to your proforma, not the broker's or seller's proforma.

@Nathan H. we just did a Hotel to Corp Housing conversion on 88 units.

Talk to the city first to see what they will require. WIll they ask you to bring everything up to code? Do they need MEP drawings?

Also, make sure your GC can get subs and supplies these days.

Add more padding to your construction timeline and budget/reserves to be safe.

If you bought it at the right price, it should be a great return on this project.

@William Baptist what size deals are you looking for?

This approach may not work for large apartment complexes - a proven track record is what the seller seeks these days along with the best price.

Can’t be 100% sure but it seems like your realtor is getting a cut from the mortgage broker.

if this is a primary residence, go on the online sites and see who can give you the best rate. You should be able to find something a lot cheaper.

If you are afraid of loosing the deal, look at getting a loan the quickest and then refinancing into cheaper loan. Yes, it will cost more overall but if the deal is worth it…..

We have looked at them in the past.

How long is the LURA in effect?

Do you have a PM who is knowledgable about the admin paperwork needed?

Really depends on what you are looking for and connection availability (power and internet).

These days I would recommend Wifi cameras if you have the signal or you can even get cellular cameras if no wifi. Most of them record to the cloud. You can also set up motion detection and record for say 30 seconds after motion is detected.

We have done DIY for smaller locations like laundry rooms, office, etc and hired a company for $20K to wire up an entire complex.

On the DIY side look at REOlink, Blink, Simplisafe cameras. 4K or at least 1080p.

@Orlando Lis do a title search to see if there is any LIHTC or LURA restrictions on the property.

Also look at the current leases in place. 

Talk to some of the tenants.