Jonathan Twombly

I get emails from CREdaily. While it is not bad...im wondering if there is anything better? Where do you get your commercial real estate or multifamily specific news from?

New comment 18d ago

Jonathan Twombly

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0 likes • 20d

@Christian Osgood I’m Mike’s regular guest on Thursday’s. Mike is an expert.

Jonathan Twombly

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0 likes • 18d

@Christian Osgood Very cool. Where is it?

Carlo Santos

Oct 31 •

🏘️ General discussion

Overcoming Proof of Funds

Hi All, How does one overcome the proof of funds question with the Broker, and how does one acquire proof of funds without liquidating. For the first time I came across a broker that require a proof of funds to present my LOI to the buyer.

New comment 16d ago

Jonathan Twombly

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4 likes • 20d

Proof of funds is a filter brokers use to eliminate newbies who can't close and filter in those who don't know what they're doing but happen to have money. The way around the POF problem is to network with brokers ahead of time. Don't wait until they have a deal. Meet them and become friends. If that happens, they won't ask for POF unless the seller requires it. In my experience, most sellers don't.

Jonathan Twombly

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1 like • 19d

@Carlo Santos Yeah, if that's the case, then it really wasn't about the POF.

Jason Machado

27d •

🏘️ General discussion

Security deposits transfer?

As my mind runs through all these processes and I'm looking at a rent roll, I had a thought. It makes sense to me that the security deposits would transfer to new the ownership on a sale. After all I inherit the leases so that makes sense to me. What is the best practice here? How/When is that handled? Im guessing in the closing transaction. Would love to hear from the multifamily veterans on this.

New comment 20d ago

Jonathan Twombly

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0 likes • 20d

Usually you get a credit on purchase in the amount of the deposits, rather than the bank account with deposits transferring over. It's a pretty standard PSA term but make sure it's in the PSA before you sign.