Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

These COULD be some reasons you DON'T buy a property

11 Nov 2025 · 1 min

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0:54

In this YouTube commentary, Christian Osgood walks through a potential Dallas 56‑unit multifamily acquisition and outlines why, despite attractive financial metrics, he would likely walk away. He points to obvious physical problems—cracked stucco, a possibly failing supporting beam that appears shimmed—and questions code compliance. Osgood warns that the $1.8 million renovation budget could be quickly consumed by hidden issues uncovered during demolition (trim removal, electrical work). He cites the risk of cost overruns that plagued the prior owners and emphasizes that a deal’s profitability on paper does not guarantee it is the right investment.

Chapters

I'm here at the Dallas 56-unit acquisition or potential acquisition. Here's a few reasons I think I might not actually do the deal. The numbers look fantastic, but look at the condition of the building. Everything is a bit dirty. The stucco is all cracked. This is a supporting beam here next to the main support. So, you know, this is probably failing if you're seeing this put together. I don't think this is to code. Look at that. It's like shimmed into place, holding up your actual building and the building is absolutely ginormous. I see a lot of different ways where our $1.8 million renovation budget gets completely eaten up by the size of the project. When you're picking a deal, even when it's a good deal, what happens if we discover more things as we remove the trim and the electric? This could end up being a project that runs away from us like I believe it did to the prior owners. Looking at this, I think this deal is a pass. Just because it should make money or it's a great property or it moves you forward doesn't mean it's the right deal.