When Due Diligence Turns Into True Detective

Broker: It’s a clean deal Lender: Send T-12, T-3, T-1, rent roll v3.7, SNDA, and estoppels from tenants who don’t exist Seller: Minor note—Phase I found “gasoline-flavored soil” behind the dumpster Me: Pro forma still 94% occupied because the ghosts always pay on time 😅 Excel: Recalculating... IRR now stands for I Regret Researching