step-by-step process to purchasing a small MF complex

[Andrew Caldieraro]

Hello,

I'm hoping I can get an idea what steps I need to take, in which order, for possibly purchasing a small MF complex.  Below is a list of things that I need to do, but I'm not sure what order I go about these.  Does this step-by-step look about right?

A.  Find a complex I'm interested in and run quick numbers / a little research to see if it likely could make sense.

B. Submit an offer, pending inspection and due diligence (Do I need to have a realtor submit my offer?).

C.  Due diligence (how much time should I request when I receive due diligence info from previous owner?).

D.  Have an inspector evaluate the property.

E.  Have any other professionals (contractor, roofer, etc.) evaluate the property based on inspectors findings.

F.  Re-negotiate offer, if needed, based on findings of inspector and/or other professional.  

G. Find an attorney.

H. Find a PM.

I. Find a realtor (is this needed if I find the property on my own?).

First, are there any additional steps that I missed?  Secondly, how does this step-by-step process look?  I'm wondering if I need to find a PM much earlier in this process?

I'd appreciate any help/suggestions!

[Hadar Orkibi]

Set up your goals and determine your buying criteria and budget.

Research a market 

Target one market and 3-4 sub markets 

Visit the market

Meet with all professionals involved including: PM's, Brokers, Attorney if required, fellow investors in local BP or REIA meet up.

Consider your finance option

Search /hunt for deals via Brokers, FSBO, Marketing etc

Make an offer

Negotiate

Due Diligence 

Process financing

feedback from PM you chosen to work with. 

Get repair estimates if required

Re negotiate if required. 

Confirm the contract.

Close on the deals 

Transfer management to PM

Start repairs

Advertise property for lease,

Rent 

refinance and roll if you BRRRR

Or just seat back and asset manage the property.