Jun 24, 2019
In the Midwest, around this time of the year, many apartment
owners face the risk of bad weather that can destroy your asset.
Darwin German’s 161 unit apartment building was recently hit by a
tornado. It destroyed the roof on two buildings and affected 14
units. Fortunately no tenants were killed or hurt. We discuss what
he did when he originally got the call that the tornado hit and now
his plans on the rehab.
In the second part of the interview, Darwin explains language in
his bank loan documents. Darwin refinanced a large apartment
building with bank financing. The language in your loan documents
is important. When you borrow money, the lender will have language
and covenants that will always be slanted protecting the lender in
case of default. Darwin goes through his bank loan documents and
highlights some of the language that he and his attorney pushed
back on with the lender. Having a seasoned “contracts” attorney to
represent you in negotiations with the lender will help in your
success.
To contact Darwin: darwin@darwingerman.com
https://www.darwingerman.com/
Are you interested in learning more about how Multifamily
Syndications work? Please visit www.spiadvisory.com to learn more
about Michael Becker’s Real Estate Syndication business with SPI
Advisory LLC.