Our Acquisition Process
Acquisition Guidelines and Process
Take a moment and review our acquisition process before submitting any properties to us. This will save everyone time, and it will help you to determine if your property meets our guidelines.
u003cstrongu003eWhatu003c/strongu003e Type Of Properties Do We Purchase?
u003cstrongu003eApartments, Senior Housing, Student Housing, and Assisted Living Facilities.u003c/strongu003eu003cbru003eTYPE: Garden Style AND High Rise,u003cbru003eAGE: Built 2000 Or later. Older properties must have been renovated.u003cbru003eUNITS MIX: 80 TO 550 UNITS u003cbru003eCLASS: Prefer CLASS A OR B. u003cstrongu003eNo Class C properties.u003c/strongu003eu003cbru003eOCCUPANCY: 80% occupied or higher.u003cbru003eu003cbru003eu003cstrongu003eRetail Properties:u003c/strongu003e Single Tenant Retail – At least 10 Years Remaining On Leaseu003cbru003eRetail Properties: Multi-Tenant Retail: Must have national anchors occupying at least 60% of leasable space. 80% Occupancy Required.u003cbru003eNo Strip Centers u003cbru003eu003cbru003eu003cstrongu003eOffice Propertiesu003c/strongu003eu003cbru003eTYPE:| Medical Parks| Business Parks|u003cbru003eAGE: 20 Years Old Or Lessu003cbru003eCLASS: Class A and B ONLYu003cbru003eOCCUPANCY: 80% Occupancy Requiredu003cbru003eu003cstrongu003eHospitality Propertiesu003c/strongu003eu003cbru003eTYPE: National Flags u003cbru003eAGE: 20 Years Youngu003cbru003eCLASS: 5 Star Rating
u003cstrongu003eWhereu003c/strongu003e Do We Purchase?
u003cstrongu003eUS Locations ONLY.u003c/strongu003e u003cbru003eu003cstrongu003ePrefer SE United Statesu003c/strongu003e: Texas, Arkansas, Mississippi, Tennessee, Alabama, Georgia, Florida, North Carolina, South Carolina, Virginia, PA, New Jersey, Texas u003cstrongu003eu003csu003eNew York.u003c/su003eu003c/strongu003eu003cbru003eu003cbru003eu003cstrongu003ePrefer West Coast United States:u003c/strongu003e California, Nevada, Arizona, Oregon, u003cbru003eCoastal States: Inland properties only.u003cbru003eu003cstrongu003eExcluding Alaska and Hawaii.u003c/strongu003e
Types Of Properties u003cstrongu003eu003cemu003eWe ARE NOTu003c/emu003eu003c/strongu003e interested in?
No Raw Landu003cbru003eNo Single-Family Homes, u003cbru003eNo Mobile Homes, u003cbru003eNo Gas Stations, u003cbru003eNo Food Service Propertiesu003cbru003eNo Industrial Propertiesu003cbru003eNo Warehouses u003cstrongu003eexceptu003c/strongu003e National Brands Operational facilities.
Property Requirements?
Our general property investing requirements are:u003cbru003e1. All properties must be operational and at least u003cstrongu003eu003cemu003e80%u003c/emu003eu003c/strongu003e occupied.u003cbru003e2. We Only Invest In u003cstrongu003eu003cemu003eClass A and Bu003c/emu003eu003c/strongu003e properties.u003cbru003e3. Properties should be no more than u003cstrongu003eu003cemu003e15 yearsu003c/emu003eu003c/strongu003eu003cbru003e3. We do not purchase undervalued properties in need of renovations. u003cstrongu003eWe are not rehabbers.u003c/strongu003e
Documents Required!
A. 2 Years Income And Expense Statements u003cbru003eB. Year To Date Income and Expense Statementu003cbru003eC. u003cemu003eCurrent Rent Roll u003c/emu003eand Occupancy: 80% min.u003cbru003eD. Exterior Photos and Interior Photos If Possible u003cbru003eE. Current Leases on Retail Properties and Net Lease Propertiesu003cbru003eF. As much historical financial data as possible.u003cbru003eG. Sellers Motivation: Why Is the Property Being Sold!
Our Processing Timeline
u003cstrongu003eStep 1: Document Review – 24-48 Hoursu003c/strongu003eu003cbru003eThe First Step is to verify and review that all the essential documentation is included.u003cbru003eIf not, we may or may not request the information.u003cbru003eIf all the documentation is present, we then begin our analysis process and determine if it meets our investment requirements. If it does, file is then forward to our underwriting team for a closer analysis.u003cbru003eIf underwriting approves the property, it is then sent to our acquisition team. The acquisition team will then prepare and submit and offer on the property to the submitting party. u003cbru003eu003cbru003eu003cstrongu003eStep 2: Document Review – 24-48 Hoursu003c/strongu003eu003cbru003eThe LOI will be issued to the submitting party. It will specify the terms and conditions of the purchase and will contain the framework for the purchase contract. It’s important that the submitting party has access to the Seller or authorized party because:u003cbru003e1.Our initial offers are always a Full Price Offer. A signature will be required uponu003cbru003eacceptance.u003cbru003e2. We require a conference call with all partied to review and to discuss the LOI for clarity purposes.u003cbru003e3. Any objections or modifications must be in writing.u003cbru003e4. Our offers are typically valid from 3-5 days.u003cbru003eu003cbru003eu003cstrongu003eNOTEu003c/strongu003e: You must be able to arrange this initial conference call with the Agent and the Seller.u003cbru003e If you aren’t able to do this then you shouldn’t submit a property to us.u003cbru003eu003cbru003eu003cstrongu003eStep 3: Acceptance Of LOIu003c/strongu003eu003cbru003eIf the LOI is rejected, we request that the rejection be in writing on page 5 of our LOI.u003cbru003eVerbal rejections are discouraged. u003cbru003eu003cbru003eu003cstrongu003eStep 4: Execution Of Contract And Earnestu003c/strongu003eu003cbru003eOnce all the terms of the LOI have been worked out and agreed to, we will execute a contingent free contract. Earnest monies will be help by our Attorney or a local title company. We do not deposit earnest monies into Agent’s escrow accounts.u003cbru003eu003cstrongu003eu003cemu003eSubmit Your Property Below: u003c/emu003eu003c/strongu003e
Do We Protect Brokers and Realtors?
Yes we do! But we require that all agents register before submitting any properties to us.u003cbru003eIf the advent of a conflict, we will follow the process listed in our Submission Conflict Avoidance Policy. u003cbru003eIf an issue
Submission Conflict Avoidance Policy
Once we receive your submission, we will check to see if it has been submitter already.u003cbru003eThis search is done by a Your Name and Email Address. u003cstrongu003eThis is why you MUST register. u003c/strongu003eu003cbru003eIf your property has been previously submitted by another person, we will notify you of that fact. u003cbru003eIf you have an exclusive listing and your property has been previously submitted by someone else, simply send us your documentation. u003cbru003eUpon receipt and review of your documentation, we will request the same information from the other party. The party with documentation will be the party we will work with.u003cbru003eIn the event that both parties have documentation, we will work with the party that submitted the property first! We will adhere to “FIFO” Rules. u003cstrongu003eFirst In and First Out!u003c/strongu003e
u003cstrongu003eRegister Hereu003c/strongu003e
u003ca href=u0022https://chicagoincomepropertybuyer.com/registration/u0022 data-type=u0022pageu0022 data-id=u00222061u0022u003eRegister hereu003c/au003e. You will be redirected our property submission page once your registration is complete.u003cbru003e
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Commercial Income Property Buyers