First Rental Property Inspection

First Rental Property Inspection

Blue Bell, PA · Member since 2018 · 9 posts · 1 vote

Hello - 

I am going to visit my very first potential investment properties this weekend. I have been busy running the numbers and analyzing deals but kinda neglected the list of questions I should be asking to the real estate agent as well as the home owner (if the person will be there). 

I have a general idea as to the kind of questions I should be asking such as 
1. How much are the rents generally? 

2. What is the average vacancy rate? 

3. Why are you selling this property (not in a rude way) 

4. How long have you owned this property

But I feel like there should be more questions I should be asking in order to help me get one step closer to concluding that this is a good deal. Does anyone have a list of questions that can be kindly shared or have a link to the list within Biggerpockets.com or any other source? I feel like I have seen the list in BP but forgot to take notes of it. 

Thanks for reading my post 

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  • Investor · Frederick, MD · Member since 2016 · 352 posts · 194 votes
    8y

    Depending on if your realtor has investment experience or not I get his opinion on how much the renovation will run as well (my realtor general has a good idea). I also just confirm how much the rents are in the area and look for any issues with the property (roof/water leaks, foundation issues, etc...) and try to get a feel for the age of some of the major cap ex expenses (roof, HVAC, water heater, etc...). If you're really interested in a property after visiting it yourself, it may be good to have a contractor do a quick run though to see what he/she thinks and how much/if any the repair costs will be. They may also notice any issues with the property they happen to see.

  • Rental Property Investor · IL · Member since 2017 · 100 posts · 51 votes
    8y
  • Investor · Long Beach, CA · Member since 2012 · 313 posts · 190 votes
    8y

    I'm not sure if Termites are an issue in PA...but in my State, termites are a big problem. I would make sure I have a termite guy out to inspect, and also have a roofer check out the roof, not just the general inspection guy. Those two things can bite you in the *** big, they are expensive. 
    Ask for actual tax records on rents collected...dont accept "pro forma" operating statements, those are wishful thinking. 

    GOOD LUCK!

  • Rental Property Investor · Mobile, AL · Member since 2018 · 54 posts · 19 votes
    8y

    Get a thorough inspector.. although a bunch of little things will be noted on the inspection, having it gives you the idea of what you need to clean up/fix. If you ever plan on reselling so your potential buyer can't come to you and say "the inspector found this blah, blah, blah" if you take the time to straighten up any problems it may have.

  • Columbus, OH · Member since 2018 · 218 posts · 134 votes
    8y
    Well @Sungpil Lee ... How did it go? Any good question you asked or thought of while you were there?
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