Due Diligence - it's all true

[Deborah Burian]

Everything I've read here in the last month about due diligence on a multi-unit. It's all true. The maintenance is worse than reported, the utilities are more than reported. The vacancies are twice what was reported. Two immediate hazards were identified that were so severe, I had my guy fix one (cut off the gas to a furnace, with PM permission) and we insisted the owner call the electric company on the other. There are pets where leases insist "no pets." Rents are lower than reported, deposits are ridiculously low. And don't get me started on the rats...

[Joel Owens]

LOL - Welcome to multifamily investing!!

Get used to a seller trying to dupe an unseasoned buyer. The seller goes through a cycle of not being able to find a sucker and then after some time have to make the choice to take a painful loss or get less than they wanted or deal with turning the place around for the price they want.