Building Measurement Verification

I consider it cheap insurance to have the building your purchasing be field measured and verify the square footage, if applicable. Many times, sellers will overstate the building square footage either inadvertently or on purpose. It’s relatively inexpensive to have it professionally measured and documented. That way there’s no questions about it. At the very…

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Document All Communication

You want to make sure that you have a good tracking program in place to keep track of all the requests for information, back-up receipts and documents and everything else you need to keep track of from the seller. The best way to do that is through email. That way you’ll have a paper trail…

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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…

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Conduct All Tenant Interviews

This is the single best source of information you’ll be able to tap into on any leased investment, so do not pass up this opportunity.  Be leery of any seller who refuses to allow you to conduct tenant interviews.  They’re most likely trying to hide something. Story:  I once interviewed a tenant who told me…

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