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NEVER Say Or Do This During Unit Walk Through Inspections

There are a number of things multifamily real estate investors should NEVER say or do during due diligence when conducting their unit walk through inspections.

Anytime a multifamily real estate investor is inspecting the inside of homes, the odds are you are going to see a number of things in someone's home that is surprising. What is normal to someone else may cause shock to you. Below are some guidelines on how investors should conduct themselves during walk-through day.

Prior to inspecting, everyone on the buy-side and their vendors should know the story under which they are inspecting so the tenant (and sometimes on-site staff) are not made aware at this point that this is for a possible sale of the asset. The seller will oftentimes want to protect their tenants and on-site staff from knowing this information yet until they know the investor is a real buyer.

When the tenant is home, here are 3 tips:

  • Wipe your feet before entering.
  • You and everyone else should have a mask with you just in case the tenant requests it.
  • Thank the tenant for allowing you to inconvenience them and let them know you’ll be out of their hair quickly.

You want your inspections to be as uneventful as possible. Keep quiet, keep your head down, check off your inspection sheets along the way, and save any unit or deal-related questions for well outside the unit.

Watch the video for more Do's and Don'ts

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