5 unit multi-family due diligence period

[Ana Meals]

Hello everyone, so I am potentially looking at purchasing a multifamily property. What is the Due diligence period on this type of property? TIA

[Greg Kasmer]

Ana - From what I've seen from others as well as my current property I'm under contract on a 30 day due diligence period is typical. However, as others have said on smaller multis it can be less - something like 25 or 20 days. However, from my perspective the other item I would ensure is that your due diligence time doesn't start until, 1) You have a signed agreement, and 2) You have all the requested due diligence documents (leases, vendor contracts, etc...) AND you (buyer) confirmed in writing (or email) when everything is to you. If you have an agreement but no documents it's hard to do due diligence... so I would spell out when the "clock starts" for the due diligence period to make sure everyone is on the same page.