1 rich Libsyn https://www.libsyn.com 90 600 One property tax adjustment turned a 22% IRR into a negative 10%. That’s what happens when you don’t do your homework before you submit an offer. In Part 2 of the 125 Tips series, Mark Kenney covers market selection, deal analysis, drive-by strategy, LOI submission, contracts, and due diligence — with the real errors and real examples that expose where investors get burned. In this episode you will learn: • Why city investment in a submarket matters less than developer investment — and the market characteristics Mark avoids entirely • The $50M deal red flag: what happens when someone submits with no PM budget, no insurance, no equity, and three other deals open • How one property tax adjustment flipped a positive 22% IRR to a negative 10% — without changing anything else • Cap rates demystified: sub-market vs. in-place T12 vs. adjusted — and which one you’re actually buying at • The cash vs. accrual accounting distinction that can shift property value by millions — and why sellers use one and buyers assume the other • Drive-by strategy, LOI submission rules, re-trade guidelines, and why Mark’s team drilled the locks on 36 units during due diligence This is Part 2 of a three-part series. Listen to Episode 132 first, then continue with Episode 134. Join us at our next event at https://thinkmultifamily.com/event Subscribe to the Think Multifamily Podcast on Apple Podcasts and Spotify. &amp;nbsp; Think Multifamily Podcast https://thinkmultifamily.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/25587783/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/25587783