List/Buy/Sell/Lease. Start/Acquire/Disposition to your Real Estate portfolio.
Steps to Acquire
(1) Evaluate your personal finances
(2) Determine if the purchase is an Individual, Corporation or Partnership Joint Venture
(3) Let me provide you with Investment Property Analysis worksheet, a Holding period Operational Cash Flow Analysis, Proceeds Cash Flow Analysis
(4) Determine your price range with me
(5) Determine your discount yield range and categorize the properties that meet your interest . Use the. 4 rules of Thumb, equity cash on cash, break even point, payback period and GIM
(6) Forecast an internal rate of return based on the worksheets,
(7) Sign confidentiality agreement for the property that gives you the most interest to view owners actual financials
(8) Decide on a financing route and get pre approved by a Mortgage Broker to find the best rate and lender. Provide me with proof of down payment so I can refer you to a Mortgage Broker.
(9) Have me write up your offer with conditions, I.e. property inspection, proof of most recent fire inspection , rent roll. etc...
(10) Contact your accountant to get tax advise
(11) Decide on the Lawyer you would like to hire, make sure to discuss all issues with your Lawyer about the Title of the Property
(12) Review the property inspection with me before closing and determine what Capital Cost Allocation will be required to improve the buildings effective age and decide on the schedule for these allowances .
(13) Close the transaction and instruct your property manager to inform all tenants of the lease assignment. If you are the acting property manager then you should provide the tenants such notice.