Yucaipa, CA · Member since 2016 · 47 posts · 18 votes
First Deal?
I have found an 8 unit, fully rented apartment out of state. I need to know what to ask the Realtor, and I would need a lender/ or partner. I am looking for cash flow and building my credit.
Thanks much.
8 units/ rent 300$ Fully rented/ 185000/ 1977 built/ roof is 5 years old./ Laminate floors/ plywood walls/ no AC/ electric floor heater. / Long Distance purchase. East coast.
Flipper/Rehabber · Temple, TX · Member since 2008 · 168 posts · 46 votes
10y
Well first of all do you want to be represented by the listing agent or a buyers agent? The difference is the buyer rep on yur side and listing is not. If you want buyer agent, get a investor minded one. Once you have determined that, then ask for a comparable market analysis of properties active or sold in last 6 months. Have them to confirm rent rates near the subject. Find out why seller is selling, ask for a rent roll, what repairs or updating of mechanicals and roof has been done, how long seller has owned the property, are there pets allowed, are taxes current, has there been any insurance claims where seller did not use money for the repairs, ask for sellers disclosure, are there separate water and electric meters, does rent include utilities or not, are there long term leases or month to month, does deposits transfer to new owner, if there is pets, is the deposit a fee or deposit. If you get a deal on paper, ask to do a estoppel agreement between you and the current tenants to know what they have agreed, what the landlord has promised and may not have delivered or things not in writing. I would also use a local lender if possible. A partner could be generated by the buyers agent. Im a investor minder broker in Texas. Good luck.