Does anyone have a good due dillegence check sheet?

Question

Hey BP,

I'm looking for a checklist I can follow when analyzing a property. I'm sure I will miss a lot of things on my first attempt, so I'm trying to mitigate that now.

Thanks

Michael Quarles · Answer

@Jordan Redar

Are you looking for this? Click

Michael Quarles · Answer

@Jordan Redar

This form may help as well Click

Bill Gulley · Answer

I'd bet Michael's list is comprehensive, I couldn't read I have pdf issues on this.

There really isn't any way around understanding RE, this really isn't a check list type business since there are endless variations, alternatives and concerns that are unique. Issues requiring investigation are often found due to some other aspect and there is no check list addressing these dormant or hidden matters as you need to recognize them, the potential for loss or need for additional attention.

I suggest you not rely on check lists in any aspect (besides the phases of a transaction type guide) as you can easily fall into a mindset of treating RE like a widget process, step 1, 2, 3, 4 and you'll fail to learn the flow and ebb of the business. The flow chart of RE is more of a path going uphill with alternative paths that can be taken, some lead to different results some lead to the same results and different paths may represent different levels of investment being required (money invested). It's an art, not so much of a science but there is a degree of science required. You need to learn the art as well as the science to perform the due diligence that allows you to perform well. :)

Andrew Syrios · Answer

If it's you're first time, it would be a good idea to ask a more seasoned vet to come with you. It's already under contract, so there's no risk of losing it. Most will be willing, although some will be too busy. And you can always promise to buy them lunch. That should help too.

Chris C. · Answer

@Michael Quarles I am spending a ton of time building my forms and systems.  Anything you can offer would be greatly appreciated.

Thanks

Jordan Archer · Answer

@Michael Quarles That I'll do; great tip. I'm wondering then, if I have the house under contract, what should my offering price be?....more like 65% of ARV?

Jordan Archer · Answer

Much appreciated @Michael Quarles , those are definitely some things I will check out.

Thanks alot,

Jordan

Michael Quarles · Answer

@Jordan Redar

I just about have a form to keep track of my forms so if you need something let me know.

David Hart · Answer

@MichaelQ. - thank you for your generosity! Great forms (professionally laid-out) that will elevate us newbs up a tier :)

Does anyone have a good due dillegence check sheet?

Most Popular Reply