What’s your investment process?

[Serge Roux]

When looking for multifamily properties (5 units or more), what’s the process to pursue a deal?

Are you sending out offers first based on knowing the market and what a property can generate for rent/unit and making an offer below market value? 

Are you finding the potential deal first, working with the owner to analyze the property, and then make an offer?

Or is it dependent on whether the property is found on market or off market:

For instance:

On market: Analyze property and make offer based on what numbers work for you.

Off market: Make an offer, get offer accepted, then offer is contingent on your due diligence/cash flow analysis after offer is accepted?

I ask because you won’t really know the issues with a property until you get it inspected (and even then there may be some misses as I’ve been hearing).

They say underwriting is key to multifamily success.  

So my real question is, what’s the process you take before you begin investing your time and money into a bigger multifamily property?