There are two sides to due diligence \u2013 financial and physical. You analyze financial statements, rent rules, and other documented information on the financial side. On the physical side, you visit the property to get an idea of whatever improvements or plans you might need to do in the future.\xa0
Our guest, Omar Ruiz, emphasizes the importance of practising due diligence before moving forward with a deal. He also talks about a particular deal that he had to walk away from because of inaccurate financials and utility issues.\xa0
Dylan Marma, on the other hand, shares his due diligence checklist. Having a checklist is helpful because, during the process, a lot of small pieces move around all at once. You are working with investors, answering questions, juggling relationships with the lender, and ironing out issues with your attorneys. It gets difficult to stay focused, so a checklist can come in handy. You\u2019ll surely learn a lot from this episode. Be sure to tune in!
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