Home Partners of America's Business Development Manager and podcast host Safiyah Basir provides pro tips twice a month for agents and residents. This episode goes over the Underwriting and Acquisitions process and how to be most successful.
- A common misconception is that HPA’s rents are based on what we end up paying for the home. This is unfortunately incorrect. HPA’s rents are based on real estate taxes, HOA fees (if any), market rental averages in the area, our estimated operating costs while the resident leases from us, the list price, bed/bath count, finished square footage, and the age of the home. But what HPA pays for the home will not change the rent.
- When determining purchase power for homes that don’t show up on our website, the best thing to do is to go to the “Find a Home” section of our website, filer for the area that the residents are interested in as well as their rental amount and see the average price of the homes that populate from our website. Due to the rents being based upon the number of factors that I listed in my first pro-tip, the purchasing power will fluctuate from community to community as those factors will be different, especially taxes, HOA fees and market rents.
- If residents would like for HPA to paint or re-carpet a home, if they don’t include that request on their Resident Move-in Request Form (Renovation Checklist), then it’s best to have them send that request to submissions@homepartners.com as soon as possible. HPA does have a policy that we will not accept any additional requests once we are within 7 days of the close date, and we will not make exceptions on that rule. Please also note that adding paint and carpet will not increase the rent, but will be added to the back end purchase price if the residents decide to purchase the home from HPA.
- It is always best to provide us with as much information regarding the transaction as possible in the Additional Broker Comments section of the submissions. Examples would be if there are multiple offers and an indication of where those offers are, what the sellers are looking for, if there are specific things that the sellers want/don’t want, if there is an offer deadline, etc…
- It’s always helpful for all parties involved if HPA’s property criteria listed on our website and within the property guides on the broker portal are checked before submitting a property to us to ensure that there will be no holdups or worse, we are unable to move forward with a home that has been submitted because the home has any of our disqualifying factors listed on our website.
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