1. Property Condition Assessment:
This involves a detailed inspection of the property's physical condition, identifying any necessary repairs or maintenance.
2. Financial Statements Review:
Scrutinizing financial records to assess the property's income, expenses, and overall financial health.
3. Market Analysis:
Evaluating the local real estate market to understand factors affecting property value and potential growth.
4. Lease Audit:
Reviewing tenant leases to ensure compliance, uncovering any lease discrepancies, or hidden clauses.
5. Legal Documentation:
Examining all legal documents, including contracts, permits, and zoning regulations, to ensure compliance and identify potential legal risks.
6. Environmental Assessment:
Investigating environmental factors, such as contamination or hazardous materials, which could impact the property's value and use.
7. Physical Inspection:
Conducting a thorough examination of the property's physical structures, systems, and amenities to assess their condition and functionality.
8. Title Search:
Confirming property ownership, identifying any liens or encumbrances on the property's title, and ensuring a clean transfer of ownership.
9. Insurance Evaluation:
Reviewing insurance coverage to ensure adequate protection against potential risks and liabilities.
10. Tenant Interviews:
Speaking with current tenants to gain insight into their experiences and identify any issues affecting occupancy and rent.