What Do YOU Ask For When You Are Evaluating A New Rental Property For Purchase?
I have my method but thought it interesting to see what everybody else is doing. Beyond the current leases, tax schedules and security deposit escrows what do you insist on verifying before you will proceed with a deal? Do you interview the current tenants?
big ticket maint items (roof, sewer main, etc)
interview tenants, they are going to be come yours
check w/ city/county/state for unrecorded violation / fees
Notice everybody mentioned market, risk, and possibilities of renting to others. ALL important questions and more unpredictable than ever for me.
I will usually hold until the first since that is normal. That is the way the clientele works usually for me.
Longer than that, rarely, but it does depend. A bird in the hand is worth more than 2 in the bush. Too many rentals in my markets.