Dumb question - I normally work industrial but a client of mine asked to help him buy a few condos as an investment in a midsize complex.
Is there typically a survey done for these? Will I look like an idiot asking for one? Broker is on vacation otherwise I'd ask him.
[{"id": "gnxar3i", "text": "No. Grounds/common elements convey with title. You\u2019ll want to get a copy of the association bylaws, CCRs, fees, etc - they\u2019re (potentially) going to be the crazy part. Some COAs/HOAs have extra rules for rentals, or ban rental investors compl, so make sure you review before purchase.", "replies": [{"id": "gnxblcb", "text": "Awesome. Thank you very much. My broker has done these before and will be able to assist once we are under contract but wanted to check before I asked a bone headed question.", "replies": [{"id": "gnxd9g6", "text": "Adding on, make sure you have a termination option for those HOA docs, in case of the mentioned reasons or if the finances are a mess.", "replies": [{"id": "gnxdzla", "text": "We have a 30 day inspection with termination for any reason. If the financials are off or he hates the color of the paint he can walk away.", "replies": [], "depth": 4}], "depth": 3}, {"id": "gnydyqw", "text": "No boneheaded questions, just situations you haven\u2019t encountered before. And it\u2019s always better to ask and get it right than make a mistake and fuck up a deal. I\u2019d rather take a hit to my personal pride and not my professional reputation.", "replies": [{"id": "gnyo2gn", "text": "Precisely why I came here to ask =] haha. Turns out surveys are not common with multifamily acquisitions like this but I asked anyway in case there was one performed for whatever reason as it would be nice to have on hand.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gny7czt", "text": "I'd refer it to a multi-family expert who specializes in that field.  Working outside of your expertise, even for-or especially for- a client you want to work with later isn't a good recipe for long term success.  In my US state there are also ramifications of mistakes made for brokers working outside their sphere of expertise/practice area that might not be covered by EO insurance...check with your QB.", "replies": [{"id": "gny89b2", "text": "Like I said my broker is very experienced in multi family hes just unreachable atm and I had a dumb question to try and save face. Lol.", "replies": [{"id": "gny8rae", "text": "Like I said you should refer the business to somebody who knows what they're doing so that you don't lose a \"client\" by faking it, asking questions to strangers on reddit, and having it blow up in your face.  Like I also said, this is in your personal best interest in addition to your client.", "replies": [{"id": "gny9rf9", "text": ".... I dont know how else to explain it. We aren't conducting the transaction without the supervision of my broker, who I work closely with and is experienced in multi family transactions.\n\nWhile there are certainly different faucets to multifamily its an investment play and what my main focus in industrial is.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gnysokh", "text": "Sounds like you might consider want to a referral to a residential broker. Imagine an agent that specializes in condos bringing you an offer on your industrial listing.", "replies": [{"id": "gnytqvb", "text": "As stated in previous comments my broker is experienced in multi family and my client will get the full attention to detail any residential agent could give. Hes just on vacation until Monday and I had a silly question. Gotta learn sometime and dipping my toe in with a friendly client is the best way.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gol51y8", "text": "Stay in your lane. I just heard the story of a speaker at a real estate event say he attended a residential event and asked how many residential agents have done commercial. Many raised hands. When asked a group of commercial agents at another event how many did residential -0- raised hands. Be part of the solution, not the problem. Residential is totally different and not worth ruining your career over.", "replies": [{"id": "golan4i", "text": "Cool. As I've commented to others this is a multifamily investment, not a house, and I am working side by side a broker who has years of experience handling this type of transaction. He was not reachable last week but is now.", "replies": [{"id": "golfu7h", "text": "Well you said condo which, if residential, falls under the category of single family residential, unless it is a commercial condo. No problem we just advocate #stayinyourlane to residential people all of the time as a normal course of business. In smaller markets it is not always possible. Good luck!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]