New BiggerPockets Article: Due Diligence Gone Right

So in my last article for BiggerPockets, I discussed a case of due diligence gone wrong. This time, I discuss a case of due diligence gone right. And it went right because I followed the checklist I laid out in my 5000-word article  "The Ultimate Guide to Due Diligence." The checklist, again, looks like this:

1. Pre-Offer Due Diligence
   1. Area Analysis
   2. Value and Financial Estimate
   3. Rehab Estimate
2. Post-Acceptance Due Diligence
   1. Physical Due Diligence
   2. Financial Due Diligence
   3. Legal Due Diligence
   4. Inspections
3. Retrading (if necessary)
4. Final Decision and Walking Away (if necessary)

​In this article I discuss a house we bought a few years ago. During our walkthrough, we found signs of termite damage and had an inspector look at it to confirm. Yup, it was termites. So,

We asked for $3,500 off; the bank immediately agreed. It was one of the easiest negotiations I’ve ever been through! That being said, I probably should have asked for at least $5,000 off

Getting discounts on your price is one of the biggest advantages of well-done due diligence. (Although walking away from bad deals is the biggest). I also discuss comping out properties and more due diligence items you should look into. Check it out!