Frequently Asked Questions
Citypoint does not charge it’s clients anything. When Citypoint identifies an off-market property, it negotiates for the seller to pay a small commission for brokering the deal. So Citypoint’s deal finding services are effectively free to it’s clients.
No. While past experience is always a plus, we guide everyone through the process of closing deals even for first time investors.
No. Citypoint has a range of different industry professionals including attorneys, lenders, property managers, contractors and insurers. However Citypoint clients are free to use whoever they see as the best fit for their needs.
Citypoint does not offer “in-house” property management. However, Citypoint has great relationships with 3rd party property management service companies.
In some cases, Citypoint may offer to partner with a client on a particular project and contribute towards the required down payment. This is typically only reserved for existing Citypoint clients who have already done at least one deal with us and have shown an aptitude for investing.
Typically no. While in rare cases there is an opportunity to get creative, almost all deals require at a very minimum 20% down payment. For the very smallest deals, this is roughly $50,000. However the number of deals available will be very small. We recommend having at a minimum, $100,000 in available funds before exploring investment opportunities.
Yes, actually most Citypoint clients are investing from outside of the Midwest. With in-house property management services and a local support team, investing in multifamily properties in the Midwest has become an ideal investment vehicle for investors in sub-optimal, high priced markets.
No, closing can be done remotely via power of attorney. Effectively every part of the process does not require in-person presence and can be performed remotely with a computer and phone.
Yes, Citypoint actively vets all properties before sending them to clients. This includes reviewing all owner supplied DD documents and doing an in-person inspection of the property. However we strongly recommend all clients to perform their own due diligence on properties before investing.
For financed properties, closing typically takes between 45-60 days to close.
The target price is the number Citypoint believes a client can have a good chance of having the seller accept an offer. This is based on the Citypoint analyst’s feeling from talking to the owner. The actual price a seller will accept may be higher and, in some cases, lower than the target price. It is simply to be used as a guide when arriving at an offer number.
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Why do I need to complete an investor application?
Many of our sellers choose to work with Citypoint due to the discretion provided when listing their property. They prefer not to alert tenants and/or neighbors that the property is being sold.
They also trust Citypoint in bringing qualified investors that are ready, willing and able to buy properties. This ensures an efficient transaction process for both the buyer and the seller.
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