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

<p><span style="font-weight: 400;">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!</span></p> <p><br /> <br /></p> <p><strong>[00:01 - 28:52] Physical Due Diligence</strong></p> <p> </p> <ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Walk and take photos of the units</span></li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><span style= "font-weight: 400;">Make sure to take note of the unit numbers</span></li> <li style="font-weight: 400;" aria-level="2"><span style= "font-weight: 400;">Walk the property with the third party professional</span></li> </ul> </li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Take photos of all personal property</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">If there is a chiller system, pay particular attention to the data plates</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Obtain names, contacts, and release permissions from all previous vendors and property managers</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Obtain service maintenance records and warranty receipts</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Perform an on-site lease audit and tenant ledger review</span></li> <li style="font-weight: 400;" aria-level="1"