Following the completion of the due diligence process, and once we decide to move forward and close on a property, we finalize the underwriting process based on our findings. We pick our preferred offer from the competing lenders and finalize the loan terms. Once we are satisfied with the chosen lender we give them the go-ahead to continue with their process - ordering an appraisal and surveys, completing their underwriting and approvals, and providing us with a final commitment letter.
We update our rental submarket research with newly available units and adjust our rental upside potential assumptions accordingly. We complete our business plan and bring our investors up to speed.
We handle all aspects of the acquisition process, from forming a new legal entity for the property, through escrow management, to taking over the property after closing. Our years of experience help us move through this process quickly and efficiently, avoiding common pitfalls.
At this point, once obtaining all renovation bids, we can finalize our project budget. Leveraging our buying power helps us ensure we stick to our budget.