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My partner and I recently made the decision to pass on purchasing a 118-unit multifamily apartment complex.

There were multiple factors that led up to us not making the deal, including very expensive roof replacements that was discovered during our due diligence.

Some of the most important steps in evaluating a multifamily purchase include lining up contractors to place bids as soon as possible and delegating due diligence to qualified members on your team.

As much as we wanted to move forward with the deal, the numbers told us to pass. Yes, it was difficult to walk away, but the best deals oftentimes are the ones you walk away from.

What I Learned From Turning Down a 118-Unit Apartment

Related: 5 Reasons Single Family Investors Are Turning to Multifamily Apartments

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.