Ensure Lease Accuracy

Verify lease amounts, dates, and signatures - Compare lease amounts and confirm lease expiration dates match the rent roll. Additionally, ensure all leases are signed with unique signatures, as discrepancies here can signal operational issues within the property.

Double-Check Security Deposits

Confirm security deposit amounts - Verify the security deposit for each lease and ensure they collectively align with the total security deposits for the property. These deposits should be transferred to you at closing to fulfill your obligations, safeguarding your financial interests.

Assess Lease Exposure

Determine Lease Exposure - Evaluate the percentage of leases expiring monthly to prevent potential vacancies. Balancing lease expirations evenly throughout the year ensures consistent occupancy rates, particularly crucial in properties like student housing with seasonal demand fluctuations.

Review Lease Terms

Assess lease terms diversity - Analyze the distribution of lease terms—month-to-month leases offer flexibility for rent adjustments, while longer-term leases provide stability. Understanding this mix enables strategic lease management.

Evaluate Tenant Selection Criteria

Scrutinize tenant selection criteria - Review the seller's approach to tenant screening, including background checks and eviction histories. This insight informs the quality of existing tenants and guides future tenant management strategies.

Examine Tenant Ledgers

Review tenant payment history - Access tenant ledgers to assess payment punctuality and identify potential collection challenges. Insights into bounced checks or consistent late payments help anticipate property management demands.

Address Pending Tenant Actions

Document pending tenant actions - Obtain records of any pending tenant actions, such as late payments or eviction notices. Understanding these issues pre-closing ensures preparedness for post-acquisition management responsibilities.

Collect Contact Information

Gather tenant contact details - Ensure comprehensive contact information, including emergency contacts and vehicle details, facilitating effective communication and property management.

Identify Special Deals/Concessions

Investigate lease concessions - Scrutinize lease agreements for any special terms or concessions, such as rent-free months or payment skips, which may impact property revenue and management strategies.

Verify Unit Types and Occupancy

Confirm unit specifications - Match unit types and occupancy details to lease agreements, ensuring consistency and accuracy. Overlooking discrepancies in unit types or occupancy can significantly affect cash flow and property performance.