Market Analysis: Conduct a detailed market analysis for both long term and short term rental markets in your target areas.

However, I tried to conduct some research on the two firm founders - Anthony Grosso and Christopher Palermo - to find out where they worked before, what expertise they had managing CRE, who they were associated with, etc. - typical due diligence items to gain confidence and assess credibility before turning over any of my hard earned money.

Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.

Research prices, network with agents, visit properties, consider financing options, and conduct thorough tenant screening for reliable tenants.Good luck!

It was fantastic for networkingI don’t know for sure, but it seems like at around the same time that BiggerPockets started hosting its own conferences and advertising boot camps and such that it became harder and harder to find where on the website that you could find local meetups.This morning I searched the website to try to find where local meetups were posted on the website and it took me between 5 and 10 minutes to find it.

Conduct market research, get pre-approved for a mortgage, define property criteria, and use analysis tools.

Find Investment OpportunitiesMarket Research: Analyze local real estate market trends, property prices, rental yields, and potential for appreciation.Network: Build relationships with real estate agents, investors, wholesalers, and property managers who can provide leads and insights.Due Diligence: Conduct thorough inspections, financial analysis, and feasibility studies before making a purchase.6.

Conduct thorough research on potential properties, considering location, condition, rental potential, and maintenance costs.

Will any of the parties to the transaction inquire if I have the licenses to conduct this business? 

Regular inspections are crucial to maintain the property’s condition; aim to visit at least quarterly if possible, or hire a property manager to conduct these inspections for you.