Page 191 - Trump University Commercial Real Estate 101

Use a Money Multiplier

temporary on your part, but it ’ s natural. You ’ re not the focus of the
deal — your strong deal will be.
Do you know people who will say good things about you? Ask
them to write you up a character letter. It could even be something
unrelated to real estate, such as from a minister or scoutmaster where
you volunteered. Do anything you can think of to help sell yourself to
the underwriter. This is not the time to be shy.
Your small binder should include all the property fi nancials, nicely
organized. Add a signed copy of the purchase and sale agreement along
with a legal description of the property.
Put photos of the property in the package, if they help sell the sizzle .
Get the best angles during the best light of the day. Do not put in pic-
tures of the repairs that must be done to the property. That ’ s the job of
the lender ’ s inspector, who will inform the underwriter of any neces-
sary repairs.
Put a map in the package showing where the property is located.
The bank will be interested to see what type of street the property is

on. Is it a main street with substantial traffic? Is it conveniently located
just a short distance from a main artery that would be too busy for easy
left - turn access? Try to identify the positive aspects of the location;
after all, you should have taken this into consideration during your
due diligence phase.
If you have copies of old Phase I or Phase II environmental reports,
include them. They will not be current, but could nonetheless help
the lender to know when the property was judged to be free from
hazards.
Finally, include the property management documents. This is one
of the most important parts of the package. The bank will defi nitely
want to know who will be managing the property and the experience
level of that manager. If it ’ s your fi rst deal, this is your opportunity to
make it clear that you won ’ t be the manager!
The management company should provide you with a profession-
ally written resume that talks about their experience and why they are

qualified to do the deal. They must also give you a marketing plan to

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