Please Criticize My Due Diligence

[Account Closed]

I have laid out my due diligence process. I know I could do better. Please criticize and critique. I have included a few questions. I appreciate your help on this:

First, I research the zip code and neighborhood on the internet. I look at sales comparables and population/demographic trends, and look over the area on a map and on Google Earth.

Second, I contact the local citizens with regards to the building and if possible, the previous ownership.

Police Department can tell me insider's opinion and can give me a breakdown of crime in the area.

Fire department - have they had any emergencies at the building recently.

City Inspector - are there any outstanding violations? Historically, any violations?

Property Management Companies - have first hand knowledge of all things landlord related.

WHO ELSE SHOULD I CONTACT?

At this time I will put the building under contract, after reviewing it with my attorney. Contract states that due diligence does not begin until I have given my written notification that I have received all requested documents.

During due diligence I request the following documentation:

P&L Statements.

Seller's Tax Returns and Bank Deposits

Lease agreements and rental receipts

Copy of current management contract and payroll register

Copy of insurance policy

Copies of service and advertisement contracts (Trash, Water, Util, etc)

Confirm any existing liens.

WHAT IS THE BEST WAY TO GET TAX RATES, SINCE THEY MAY CHANGE AFTER THE SALE?

During due diligence I perform the following inspections:

Title Insurance

BPO/Appraisal (IS THIS NECESSARY WHEN BUYING ALL CASH?)

Inspection

Termites

DO I NEED TO GET ENVIORONMENTALS, STRUCTURAL AND SURVEYS ON EVERY PROPERTY?

IS IT NECESSARY TO USE MORE THAN ONE INSPECTOR?

Once I get the inspection, I make a note of what needs to be fixed and walk the property with a few contractors to get a bid on the work to be done.

[Marcia Maynard]

Seems quite comprehensive! Impressive.

Walk through the neighborhood, at least a three block radius. Strike up a friendly conversation with the neighbors. Ask open ended questions and show you care about the community. Observe the property at different times of day and listen. If it is a residential property, note the proximity of the nearest fire hydrant, bus stop, light rail stop, schools, stores, medical facilities, businesses, access points to freeways, etc.