IAC-Investor Property Walk

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wendyinoc_IHB

wendyinoc_IHB

New member
<p>I just got a note from my apartment manager saying they will be entering my apt and the letter says .."The purpose for the occupied unit inspection is to allow the lender to better determine the overall condition and functionality of Woodbury Lane's interior apartment homes. "</p>

<p>The "property walk" as the letters says will consist of all common areas and 20% of occupied units. Has anyone heard of this?? I am in Woodbury so is maybe the warranty up or something? I thought it was very odd. Why would the lender want to see the inside??</p>
 
dunno....to check for the cat your not supposed to have ? Seriously though, I'm thinking it's just a due diligence thing. I'm wonder how they decide which 20% to go into....methinks the 20% that cause problems (noise, etc.) Perhaps they're fishing for eviction grounds ? Mold ?
 
It's pretty common on purchase or lending of apartments to walk inside occupied units. You check for overcrowding and that the place isn't being trashed. One time on such a tour I saw a pig roasting in the bathtub!
 
Nope but yeah I was definitely a tad surprised to say the least! Definitely a surreal moment in apartment inspection~~~ There is a saying in the apartment business you can tell the quality of the apartments by the parking lot though which is usually pretty close to accurate. When you have lots of "guests" who are "just visiting" then you may take more depreciation on the units. Usually if the apartment manager picks the units you won't see the "bad" units though which is why you typically walk all of the units. In hotels you tend to cannibalize beds and furniture so it is essential to walk every room to make sure everything is in place and functional. In apartments units that have been rented for a long time by the same tenant may not be refurbished/turned so that is something you want to look for on inspection.
 
<p>How'd they pull that off - charcoal?</p>

<p>Ventilation? </p>
 
They had charcoal in the basin of the tub then ran a metal pole as a makeshift spit from the overflow faceplate on the tub to the back of the tub then were manually rotating it with work gloves. Burly Hispanic guys are never what you're lacking =p Ventilation was by the small ceiling fan common to bathrooms since your shower often makes a lot of steam anyways.
 
<p>Wow - sounds dangerous. </p>

<p>The fan over my stove is a heck of a lot more powerful than what's in my bathroom.</p>
 
Huh. Weird that IAC would have a lender. I wonder if they are looking at selling the building. I would definitely inquire more of your property manager.
 
Come to think about it, it is brilliant! Talk about easy cleaning.





If it wasn't April 1st, must be the Memorial day weekend. When I first moved to the US years ago, I was told that the Memorial day was also called the National BBQ day!
 
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