Duplex fourplex questions to seller

[Robert Lumerman]

Hi all,

Starting out here and looking to possible purchase a duplex or fourplex. Most likely out of my area since prices in northern NJ are out of my league. When approaching a seller what main questions should be asked? I would think some things they may not want to disclose. Thanks to all.

[Michelle Crochet]

Hi Robert! Here are some questions you can ask:

1. What is the current rental income and are there any existing leases?
2. What are the current expenses associated with the property?
3. Have there been any recent repairs or maintenance issues?
4. What is the current occupancy rate?
5. Are there any upcoming capital improvements needed on the property?
6. How long has the property been on the market and why is the seller looking to sell?
7. Are there any zoning or legal issues that need to be addressed?
8. What are the property taxes and any other associated costs?

It's important to keep in mind that not all sellers may be forthcoming with all the information you need. However, you can ask these questions and then do your own due diligence by reviewing public records and conducting your own research to make an informed decision. Hope this helps! :)