Due Diligence on out of state multifamily properties

[John Sherron]

Hey BP fam! I looking to start investing in multifamily properties and wanted to whats a good due diligence checklist to follow when analyzing the deals? If you have any good spreadsheets to share I would really appreciate it. Also, when buying out of state what is the best way to go about it? I am a truck driver so im gone over the road quite a bit. Thanks in advance!

[Chris Eaker]

@John Sherron, property management companies will help you a ton if you're planning on hiring them. I have a 152-unit under contract in GA and I live in TN. I've been in discussions with 3 property management companies to conduct due diligence for me. I will decide which one to go with and then let them go. They'll conduct lease audits, contract reviews, physical inspections, resident interviews, etc., and send me back a report. They charge a fee per door, but if you hire them to manage the property, they waive it.