By doing your due diligence now, you save you time and money later.
When you are buying a property for a holding period you should know EVERYTHING about it the day you close. From were the water shut off is, to how many times the police have been there this year, to the status of the insurance on each unit you own.
This is so vitally important to your long term success when purchase a property. No matter if you think you will only have it 1 year to if you want to own it forever know everything!
You should feel like a private investigator uncovering every little detail that can be found about this property, adjacent properties, the community, business that provide jobs, etc.
Know it all. You should be able to make an amazing commercial of the city/county you are buying the property in when you are complete. Leave no stone unturned and no question un answered during this period!
Be confident in all the information you gather throughout this period and review it with the current owner to see if you have left out anything. Perform due diligence timely, thoroughly, and completely!
By Thomas Dault
Bio: Thomas Dault is a Real Estate Mentor/Coach to many. He has been investing in real estate for 4 years focusing on residential short sales, lease options, and buy and holds. Last year he made the decision to move into commercial real estate and decided on Mobile Home Parks.