Looking for a process of how to properly perform due diligence on a property you want to buy? Watch this video to the very end as we provide you with a step-by-step clear process on how to do this and to avoid mistakes along the way.
We will provide you with a FREE Due Diligence Checklist ready for you to use:
https://docs.google.com/spreadsheets/d/1Qoz9DuzffFQuiUjiAMEu5A4b-xKpYRu-ZzbAbJQdjTc/edit?usp=sharing
00:00 Introduction
00:36 Subscribe and like
00:59 Podcast collaboration in Denver
01:47 Due diligence process steps introduction
01:54 Potential to miss out on a step
02:11 Assessing a property
03:05 Due Diligence Checklist
03:58 Not having a process
04:19 Learning from mistakes
05:01 Owner fixing own property
06:30 Multiple moving parts in due diligence
06:50 Susceptible to overlooking something.
07:03 Pre-offer > Due Diligence > Post-offer
07:13 What is pre-offer
07:43 Area Market and Neighborhood Analysis
08:30 Offer based on the upside/value add
08:47 Due Diligence (Feasibility) > Closing
09:00 Earnest money
09:28 "Money goes hard"
10:01 Under contract
11:09 Estimating rehab costs
12:23 Gaining insights on rehab costs
12:55 Getting more accurate/actual rehab costs
13:31 Reviewing existing contracts
14:04 Inheriting contracts
14:49 Summary
16:05 Hiring a Property Manager
17:23 Making an educated offer
18:01 Looking for reasons why not to buy
18:22 Avoid falling in love with the property
18:53 Subscribe and like
19:05 Free Strategy Sessions
19:31 Outroduction
Due Diligence Process Steps:
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With just under a decade of experience in the real estate industry, Sterling managed over $10MM in capital, while scaling a real estate portfolio to just over 500 units. Through the company he founded, Sonder Investment Group, focuses on income-producing multifamily properties through the midwest. Sterling was featured on the BiggerPockets Podcast and has been contributing content to BiggerPockets since 2014, with over 200 posts on topics ranging from single-family investing and apartment investing to wholesaling and scaling a business.
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