🔍 What I Look for When Scouting New Multifamily Deals
Out riding around KC today looking at a few multifamily properties—some listed, some off-market. Figured I’d share my thought process when doing these site visits. Even when a property doesn’t have full financials yet, I’m still asking key questions like: 📍Is this submarket worth betting on? 📈 Will the area support a solid 3–7 year business plan? 🏢 And if the numbers do check out later… is the asset itself even worth it? When I say financials, I’m referring to: • A T12 (Trailing 12-month P&L) • A Rent Roll You need both to underwrite properly. But let’s say you’re just driving by and can’t get inside yet — here’s what I’m scanning for from the exterior: • Roof condition (look for patches, sagging, wear) • Foundation cracks or uneven settling • Windows (broken seals, dry caulk, fogged glass) • Siding quality (damaged, outdated, missing pieces) • Gutters and drainage • HVAC units (old, missing, rusted?) • Landscaping (clean or neglected?) • Parking lot condition (potholes, striping, etc.) Even without access to the interior, you can gather a TON from just walking the exterior with a critical eye. Last thought: "If you’re just now starting to look for a deal… you’re probably already 6–9 months behind." @Chris Jackson Keep the deal funnel moving even when you’re not actively buying. Keep brokers engaged. Give feedback. Stay in the flow.