Spend Time at the Property
It’s important that you visit the property at various times while conducting due diligence. I don’t mean just at the physical inspections. I’m talking about: early in the morning; mid-morning; noon; afternoon; early evening when tenants are leaving or arriving home; late at night and weekends. You’ll find the property operates differently at different times of the day and week.
Story: I was purchasing an office building in Dallas. During the tenant interviews the problems regarding parking garage break-ins and security kept coming up. We decided to come by after dinner one night to see what was going on. There was a night club next door. A number of patrons were using the parking structure of the building as a hang out and extension of the club to gather. We determined that was part of the security issue we were coming up against with the tenants. We decided to pass on the building.
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