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The Problem with Most Due Diligence Checklists | International Residential Real Estate Investors Association
Tuesday January 23rd 2018

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The Problem with Most Due Diligence Checklists

Most  due diligence checklists look like the following:

Partner Proforma
2. Last three (3) years Audited Financial Statements
3. Last three (3) years Operating Statements
4. Current and/or projected Operating Budget
5. Rent Roll(s)
6. Copies of most recent real estate tax bill, tax assessments, or tax receipts. If abatement
exists, evidence and/or terms of abatement
7. Regulatory Agreements, Tax Credit Allocation Letter, or LP Investor’s Offer Letter (if
8. HAP Contracts (if applicable)
9. Existing Mortgage Documents (if being assumed) or Mortgage Commitment Documents
10. Appraisal (if applicable)
11. Capital Needs Assessment (if applicable)
12. Rent Comparability/Market Study
13. Utility Allowances (if applicable)

The  problem is simply providing these items will either lead to a very poor purchase decision or leave the investor woefully prepared to operate the new acquisition.

I’ll talk more about a thorough due diligence checklist later and at some point make one available on the site.

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