Identify the guide door, which is the bi-fold door panel that has the spring-loaded roller on its top edge, near the corner.
Place the edge of a tape measure against the floor in front of the guide door. Extend the tape measure up 36 inches, and mark a spot on the door, using a pencil.
Position the tape measure horizontally against the guide door, with the tape measure's edge even with the 36-inch mark. Mark the center of the guide door at the 36-inch height, using the pencil. Repeat this same process on the other set of bi-fold door panels, if you are installing knobs on two sets of panels.
Place a 3/16-inch drill bit into the chuck of a power drill. Drill a hole through the marked spot, continuing through to the other side of the guide doors, using the power drill.
Install a bi-fold door pull bolt through the hole in the guide doors, with the bolt head on the door's interior side. Position a Phillips screwdriver in the bolt head on one side of the door, and thread the bi-fold door pull onto the bolt from the other side. Thread the pull on until it fits snugly against the door.