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Eventually I got the documents I felt I needed, including her bank statements. I wanted to verify that she's actually depositing the rents she claimed she was getting. It turns out she was only collectinghalfof the rents!
quickly tempered after the closing attorney asked me a few questions like, "Have the tenants waived their TOPA rights, or have they expired?" and "Can you provide me with current rent registration form?"
Now that these two issues were taken care of, I had to spring into action and start my due diligence. I only had 20 days to Huaraches Triple Black Womens move forward or cancel the contract.
Another investor he knew ("Richard") had it under contract. The seller was asking $500,000. Frank had a marketing agreement in place with Richard that if he referred a Nike Huarache Gold And Black
Purchase price $450,000 (plus the marketing fee payable to Richard and Frank)
After speaking with Richard, I still liked the deal, but there were issues with the building (there always are, aren't there?) It had been listed at $650,000 and had been on the market for over a year. Even though buildings like this are selling for around $900,000, the rents are so under market that buyers couldn't justify a higher price.
I realized that these two issues would take longer than the 20 day contingency period we had put in the original contract. So I fixed this by having the seller sign another addendum that reset the due diligence period until these issues were taken care.
At this point, I was in a holding pattern. I checked with the listing agent once per week to get an update. It took seven weeks to satisfy those two contingencies.
I wrote the owner a letter requesting all kinds of documents. She took a long while to respond, and then the documents I got were incomplete. Not a problem! My 20 days wouldn't start until I gotalldocuments from her.
buyer, he would be paid a marketing fee (nice, huh?).
Seller has 7 days to submit documents, and I have 7 days to review
$4,000 down payment
One day in March 2011 an email came in from real estate investor friend (we'll call him "Frank") who learned of a 12 unit apartment building in NE Washington DC. buying it, fixing it up, Nike Air Huarache Red Women's
The seller was a widow who was slowly selling her deceased husband's assets, including this building. She was motivated, but not super motivated. My sense was that the purchase price would be at fair market value based on the financials on the building, but that this might be a value play opportunity. I felt that if the rents could be increased from $500 per unit to $750, we could add significant value over time.
The Long Road to Closing
and selling it for a profit), which is what I also do occasionally.
ï»¿Unit Apartment Building with No Money Down And How it Nearly Bankrupted Me
We have a 45 day appraisal financing contingency
It turns out the tenants had decided to exercise their rights to purchase the building, and the seller was working with them on this process, which can take 6 9 months to play out.
I was a bit surprised that the TOPA matter was addressed so quickly. I learned later that she agreed to pay the tenants an agreeable amount at closing if they would waive their rights to purchase their building vs. letting the rights expire. Wow.
20 day contingency for feasibility study
This was completely unacceptable! The value of the property is based on the income of the building, and her income suddenly was only half of what was advertised.
I decided to proceed, and we agreed on these terms:
The seller signed the purchase contract and addendum we were ratified. My heart was pounding! My first apartment building!
I ran the sample rent roll he sent me through my deal analyzer software and quickly realized that there might be an opportunity. The deal itself worked OK, but my gut was telling me that $500 for a 1 bedroom, even in NE WashingtonDC, seemed low. I then asked Frank for an introduction to Richard, who was looking to assign the contract to an ultimate buyer (maybe me?) for a fee.
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I knew the building was under rent control, but I wasn't aware of the details. Every year, the owner has to register the current rents with the city. The last time the current owner did this was 2005, so there was a compliance issue that needed to be resolved. is more challenging than many other parts of the country because of its Tenant Opportunity to Purchase Act (TOPA). This gives the building's tenants the right to organize and to purchase the building. This rarely happens, but it complicates and oftentimes delays or even prevents a sale.
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