First Solo Property Tour (Multifamily)
Hey guys -
Doing my first ever solo property without my boss for a Class A lease up multifamily deal. We primarily have looked at stabilized deals. Here are the below questions I wrote down but would appreciate any additional things to look out for / ask.
- What is occupancy / lease up trend look like
- How many tours / visits per week / leases signed per week
- What floor plans lease up the quickest / hardest to fill
- What is your typical renter / employment wise
- What properties do you comp yourself to
- Is Valet Trash charged / implemented by here / comps
- How does cable / internet work?
How old is the building? How long ago were major systems replaced (roof, boiler, etc). When were in-unit amenities last updated. How often do city/municipal inspectors come through.
Everyone else is focusing on leasing related questions, but revenue is only half the equation. Also try and figure out what kind of deferred maintenance the property needs, are you heading for an operations cliff as equipment reaches the end of it's natural life? Did the former owner do a ton of maintenance and capex work and the current owner has let that slide for a few years, so there is a probable wave of repair work coming up?