Once those preparations are out of the way, it is time to find the right multifamily investment property for you.
Take a Drive.
Get to know the neighborhoods, complexes, or subdivisions, which interest you. Drive around and get a feel for what it would be like to own a property in the area. Start getting a sense of the properties available in those areas. Spend some time at the neighborhood shops and restaurants.
Narrow Your Search.
Work with the numbers. Discuss the current and proforma numbers. Understand how the sales and rent comparables. Discuss GRM, CAP Rate, Cash on Cash / Levered returns, internal rate of return opportunities to add value to your multifamily investment, and potential exit strategies…
Visit the property for confirmation: Discuss whether a Letter of Intent is best or Purchase and Sale Agreement for your initial offer.