Interview Vendors & Contractors
Interviewing all vendors and contractors related to a property of interest will be a tremendous source of information. You’ll learn about the property’s physical and mechanical issues, maintenance and more. If they believe you may be their new client, they will usually tell you all about the issues and problems they’ve been working on with the building.
Story: I had a vendor tell me that the hotel we were looking to purchase had many rooms out of service due to mold issues. Prior to speaking with him, the seller told me that we could not walk all the rooms because it was too disruptive to their guests. After speaking with that vendor, I called the seller and told him we need to go through all the rooms or we would cancel the escrow. We ended up getting $2.5M off the price due to discovering 55 rooms out of service.
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