5 Things You Should Know Before Selling Your Multifamily Property

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Sell Multifamily 1.  Get all your financials documents updated and organized. Smart and Savvy buyers assume the worst from a Seller or Property.   Sellers must have updated and detailed Rent Rolls, Tenant Ledgers, P&Ls, and list of work and dates of capital expenditures. 2.  Notice to vacate problem tenants. If tenants are committing …

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5 Things You Should Never Do When Buying Multifamily Property

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Buy Multifamily 1.  DO NOT–Buy the cheapest priced property (among the competition). Often times the cheapest asking prices are for a very good reason:  terrible condition, poor unit layouts, cut up/converted units (versus built-that-way traditional units), electrical heat (versus gas furnaces or boilers), bad financial condition (tenants don’t pay on time, etc). 2.  DO …

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InvestProp vs. Zillow

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Sell Multifamily Question:   How do I know the value of my small or medium sized multifamily property in today’s market? Answer: NOT by checking Zillow! Discussion For the sake of brevity, we’ll focus today on one small property–a duplex in St. Paul.  Currently, Zillow.com has 440 Jayne Street valued at $154,531.  Currently, InvestProp …

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Eviction Action

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InvestProp Glossary: Eviction Action (formerly “unlawful detainer”) An Eviction Action in the State of Minnesota as defined by the Courts as:  ”A legal action, in which a landlord files a request to the court to determine if the tenant should be evicted or if they have a legal right to remain on the property.” …

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Broker “Fee”

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InvestProp Glossary: Broker Fee (formerly “admin fee”) A fee in addition to a commission (typically %, but sometimes flat fee) paid out at closing to the Broker (not the agent) by the Buyer or Seller of Real Property pursuant to a Buyer’s Representation Agreement or Exclusive Listing Agreement (seller).   [Note:  InvestProp has NEVER …

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