Creative Capital Podcast 117: Buying Your First Multifamily Deal: Part 5

Nov 23, 2021

This No-Limit Minute Segment is Part 5 of a multi-part series about buying your first multifamily deal. I am going to take you through the step-by-step process of acquiring your first multifamily deal and share all the things you need to know before starting your journey. In this episode, I am going to talk about physical due diligence. I’m going to share why walking the units yourself is critical to buying your first multifamily deal and how you can effectively do so. From taking photos of the units to obtaining maintenance records, I will talk about everything you need to know about physical due diligence. Listen in!

[00:01 - 28:52] Physical Due Diligence

 

• Walk and take photos of the units
• • Make sure to take note of the unit numbers
  • Walk the property with the third party professional
• Take photos of all personal property
• If there is a chiller system, pay particular attention to the data plates
• Obtain names, contacts, and release permissions from all previous vendors and property managers
• Obtain service maintenance records and warranty receipts
• Perform an on-site lease audit and tenant ledger review
• Collaborate at the end of the unit walk and discuss what units have not been checked
• Submit the loan application immediately AFTER

Key Quotes: 

 

“This is all playing a part in the overall picture of the physical due diligence and understanding every single aspect of this property. So it'll give you a real, not only a bird's eye view but also a detailed look into the physical condition.” - Josh Ferrari 

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For more information about Ferrari Capital visit us on our website https://www.ferraricapital.com

 

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