You should do some reading before you go today, as you might not get the list...I have a list that I use, but as sfar as a standard list, not sure about that. You have to be able to tell if there are needed repairs to the exterior and then be able to spot problems with the interior as well. You will need a general knowledge of houses and buildings to effectivly do this. I think you should be careful how you procced with this one until you get something to go from. Or, you could get someone with some experience to go with you. Good luck
Thanks.. My dad is working on a building in town luckily and he'll meet me there..
Any questions I should ask the owner in particular?
Quote:
On 2003-12-22 13:16, pejames wrote:
You should do some reading before you go today, as you might not get the list...I have a list that I use, but as sfar as a standard list, not sure about that. You have to be able to tell if there are needed repairs to the exterior and then be able to spot problems with the interior as well. You will need a general knowledge of houses and buildings to effectivly do this. I think you should be careful how you procced with this one until you get something to go from. Or, you could get someone with some experience to go with you. Good luck
Well, you can ask if there are any major problems with the property and /or the tennants. What the oprerating costs are and ask for documents. Basically you want to know if the property is is at least in working order, so you don't have to put out considerable cah after the sale. If the roof is bad, you need to take that into consideration..ect. Cover yourself and do your research thoroughly. Not sure how long you have before you go see this, but make a list of questions before you go so you are ready. Also, ask to see proof of documentation on operation expenses and the such. Good luck,
I am curious to hear the outcome of this short notice! Please keep me posted, Patrick
I looked at about 3 properties in the area and found one worth putting a contract on. I don't know if the owner will accept but I'm hoping so.. One building the tenants were complaining like crazy as we entered and the other had alot of roof leaks and x leaks all patched up. Some of the renters stated that 2 out of the leaks in there apt were patched up.
The one I chose was in good shape but I only saw 2 of the four units. The two were empty and the other two were rented. Minimal work seems to be required. I requested a home inspection and another viewing 7 days from now. The two in the unit should cover the mortgage. The other two will be 85% profit.
Quote:
On 2003-12-22 14:02, pejames wrote:
Well, you can ask if there are any major problems with the property and /or the tennants. What the oprerating costs are and ask for documents. Basically you want to know if the property is is at least in working order, so you don't have to put out considerable cah after the sale. If the roof is bad, you need to take that into consideration..ect. Cover yourself and do your research thoroughly. Not sure how long you have before you go see this, but make a list of questions before you go so you are ready. Also, ask to see proof of documentation on operation expenses and the such. Good luck,
I am curious to hear the outcome of this short notice! Please keep me posted, Patrick
Don't be scarred away by the complaining tenants. The seller may be more motivated to get rid of the place. You could get a great deal on the property with the repairs worked into the deal, the tenants will think you are great, even after you raise rents.
Ron
LOL!! Yeah, you're right... I didn't choose that property because it didn't want to have to do too much in repairs on my first property. Next time around I will certainly remember you're comments.
Thanks..
Quote:
On 2003-12-25 22:20, ronjung wrote:
Don't be scarred away by the complaining tenants. The seller may be more motivated to get rid of the place. You could get a great deal on the property with the repairs worked into the deal, the tenants will think you are great, even after you raise rents.
Ron
You should do some reading before you go today, as you might not get the list...I have a list that I use, but as sfar as a standard list, not sure about that. You have to be able to tell if there are needed repairs to the exterior and then be able to spot problems with the interior as well. You will need a general knowledge of houses and buildings to effectivly do this. I think you should be careful how you procced with this one until you get something to go from. Or, you could get someone with some experience to go with you. Good luck
Thanks.. My dad is working on a building in town luckily and he'll meet me there..
Any questions I should ask the owner in particular?
Quote:
On 2003-12-22 13:16, pejames wrote:
You should do some reading before you go today, as you might not get the list...I have a list that I use, but as sfar as a standard list, not sure about that. You have to be able to tell if there are needed repairs to the exterior and then be able to spot problems with the interior as well. You will need a general knowledge of houses and buildings to effectivly do this. I think you should be careful how you procced with this one until you get something to go from. Or, you could get someone with some experience to go with you. Good luck
Well, you can ask if there are any major problems with the property and /or the tennants. What the oprerating costs are and ask for documents. Basically you want to know if the property is is at least in working order, so you don't have to put out considerable cah after the sale. If the roof is bad, you need to take that into consideration..ect. Cover yourself and do your research thoroughly. Not sure how long you have before you go see this, but make a list of questions before you go so you are ready. Also, ask to see proof of documentation on operation expenses and the such. Good luck,
I am curious to hear the outcome of this short notice! Please keep me posted, Patrick
I looked at about 3 properties in the area and found one worth putting a contract on. I don't know if the owner will accept but I'm hoping so.. One building the tenants were complaining like crazy as we entered and the other had alot of roof leaks and x leaks all patched up. Some of the renters stated that 2 out of the leaks in there apt were patched up.
The one I chose was in good shape but I only saw 2 of the four units. The two were empty and the other two were rented. Minimal work seems to be required. I requested a home inspection and another viewing 7 days from now. The two in the unit should cover the mortgage. The other two will be 85% profit.
Quote:
On 2003-12-22 14:02, pejames wrote:
Well, you can ask if there are any major problems with the property and /or the tennants. What the oprerating costs are and ask for documents. Basically you want to know if the property is is at least in working order, so you don't have to put out considerable cah after the sale. If the roof is bad, you need to take that into consideration..ect. Cover yourself and do your research thoroughly. Not sure how long you have before you go see this, but make a list of questions before you go so you are ready. Also, ask to see proof of documentation on operation expenses and the such. Good luck,
I am curious to hear the outcome of this short notice! Please keep me posted, Patrick
Don't be scarred away by the complaining tenants. The seller may be more motivated to get rid of the place. You could get a great deal on the property with the repairs worked into the deal, the tenants will think you are great, even after you raise rents.
Ron
LOL!! Yeah, you're right... I didn't choose that property because it didn't want to have to do too much in repairs on my first property. Next time around I will certainly remember you're comments.
Thanks..
Quote:
On 2003-12-25 22:20, ronjung wrote:
Don't be scarred away by the complaining tenants. The seller may be more motivated to get rid of the place. You could get a great deal on the property with the repairs worked into the deal, the tenants will think you are great, even after you raise rents.
Ron