What to ask for; buy and holders?

Question

When one sees a property that they might be interested in on your site of choice, what is the information that you ask the listing agent for the get the conversation going? I have been asking for income and expense numbers, but I would like to hear from what other investors ask for.

Thank you.

Mike Hanneman · Answer

Thank you for the replies very helpful! I have yet to purchase my first investment property but am getting close. I'm looking at multifam units. So far the ones I've come accross don't cash flow like I want, or need them to.

Jerry W. · Answer

The properties I find are usually not rented already.  I ask about age, what kind of electrical wire is in the house, the type of heat, ie furnace, boiler, etc.  I ask about windows, square feet, condition of foundation or roof.  I try to find out what the property would rent for and how much money would be needed to get the property in rent ready condition.  I often ask what they think the property can be bought for, and days on the market.  I also look up the county valuation as well.  Thats all I can think of for now.

Eve Cherkova · Answer

@Mike HannemanHope that might help!

Are there any outstanding repair issues or tenant requests that require attention?

Which items belong to the tenant and which items were supplied by the landlord?When was the rent last increased?

What are my home needs and wants?

How long have the tenants been at the property?

What references and checks were taken for the tenant?

Have the tenant's ever been difficult to contact or refuse the access?