What do I mean by walking the entire property? I mean walk each and every suite, unit, office, apartment, whichever is applicable to your property of interest. Why? Because you are going to find out A LOT about your tenants, the space they occupy, their business, etc. For example, if it’s an apartment complex, there may be smoke or mold issues. Especially with ones that have many units, like 50+, they may have one or two out of service due to mold or fire damage and are using the appliances and other items in their other units, as needed.
Story: I purchased a large portfolio of office properties in Dallas. I insisted we walk all the suites, which was over 600 tenants. We were walking a building with the property manager and couldn’t locate a suite number that was on the rent roll. She told me she’d look into it and get back to me later, which she did. It turned out that the suite in question had been expanded into by the tenants on both sides of it, but the suite number and square footage was never removed from the rent roll.