What Questions Do I Ask?

Comments(5)

• 
  kfspropertymanagement26th July, 2004

  It is really no different then a single the only other things I would ask is the following.
  
  #1 seperate meters for gas/water.
  
  #2 type of heating and a/c used and how is it set up.
  
  #3 When was the last time it was inspected?
  
  #4 Are there any vilolations with the city?
  
  #5 How is the trash handled?
  
  #6 Laundry set up?
  
  These are just a few that come to mind

• 
  monkfish26th July, 2004

  I always get permission to speak with the tenants. I get their numbers, call them and ask them what they like and dislike about living there. Tenants are a great source of insight into a property. They'll give you the dirt you'll never get from the owner. Also, I find out if they plan on staying when thier leases are up. Last thing you want as a new landlord is a suprise mass exodus.
  
  Good luck.
  [addsig]

• 
  ligem26th July, 2004

  you might also ask about the monthly rent roll. Usually the price of a multi family is some multiple of the rent roll - like 6 x rr (6 times rent roll) or something like that. You want to make sure that the current monthly intake will cover the expenses.
  
  You might want to ask about annual expenses, do all of the tenants have leases, when are the lease expiration dates, ask about the opportunity to increase rents if they are not in line with the local market.
  
  You want to be sure that the current owner can provide you with back up documentation for anything he/she states - like copies of bills for fuel, lighting, water, etc. Copy of the leases and do not forget to ask about the transfer of security deposits to you. That little piece always seems to be forgotten. Also, ask about whether there is a requirement to keep this form of money in an interest bearing account? If yes, ask when is the last time tenants received statements or some form of accounting of the interest due to them.
  
  There are a ton of other things to ask - this should just get you started. Most importantly make sure you want to be a landlord or can afford to hire a propety mangement company that will take care of all of the calls from tenants about this that and the other. Good luck.

• 
  ray_higdon26th July, 2004

  Questions to ask:
  1. What is the address (if not listed), use this info to look up sales info from the property appraiser site.
  2. Monthly income
  3. Do tenants pay utils? If not, how much
  4. Why are you selling?
  5. Willing to do any owner financing?
  6. What is the lowest amount you could take for the property and still be happy?
  
  The biggest key is LISTENING and reacting to what the seller is saying but you want to get the above needed info anyway.

• 
  bennettc26th July, 2004

  Thanks for the great answers. I actually sounded reasonably intelligent when I spoke to the seller tonight!