The text for this video was taken from an article Roger wrote last June, “Is This A Real Estate Deal You Should Run With, Or Run Away From?”
The deal is long dead, but the message is one that bears repeating.
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I purchased 8 condos in estes park with my partner. We completely went through them new plumbing electrical lots of tile they are very nice.The problem is we have no history on them as far as income they were in need of a remodel. They have been their for a long time same property mgnt. The banks say they need two or three years income history. Do you have any suggestions . Thank You Fred Kropp
I’d say give them whatever numbers you can find from when the property was last operating, and then prepare something showing how you expect it to perform. Make sure you back up your projections with comparable rents / occupation rates in the area.
Your goal here is to convince the bank (and yourself) that this is a good idea, so give them whatever they ask for, and then give them more.
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