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13 Items to Check When Performing Due Diligence on Multifamily Properties

It is worthwhile to uncover these important due diligence points prior to purchasing a multifamily property. This article will provide a list of items to obtain or further inspect during the due diligence period. Rent Roll A rent roll is an account or schedule of rents, the amount due from each tenant, and the total received. Real Estate Tax Bills Checking property tax data can tell you a lot about a property. You want to make sure there is no free rent for some tenants at the back of lease and no leases that leave you seriously exposed as a landlord. Unit Inspections A physical inspection of each individual unit should be done, along with common areas, utilities, and the exterior. You don’t have to personally do it, and it may not be worth your time if there are a lot of similar units. How might litigation impact the ability to buy and close on the property? While these are the most common items to focus on during due diligence, depending upon the particular deal, you will want to look into other elements outside of what is listed here. Create your own checklist such as this one and make sure it is used every time you evaluate an acquisition.