When looking into multifamily properties, what are the questions to ask ?
I know it sounds dumb, I've been reading a lot, but I think it is smart to ask experienced folks and that will help tremendously.
@Awais Sheikh you need to come up with your search criteria first. This includes property type ( residential vs commercial), size ( range of units), location, age, price range (if applicable.)
As you move forward, you will start incorporating other questions important to you, so more to come with experience. Best!
Hello and welcome to this part of the famous site Awals! Whatever I say please do not take it personal. This is just one of several comments on this question. There many things you need to know ideally before you make an offer.Your first thing and not necessarily be the most important is the first impression when you drive like the building(s) and the landscaping, is it's location good for your tenants, the mix of the floor plans, can you add any value, Make sure when looking at the income and expense records that you looking at actual financial statements.
Are there any nearby schools and are there there any nearby amenities and what type of the parking is available to the tenants, how any nearby apartment locations and what, if any, are they doing to attract prospects, look at all units and do not let the current owner trying to get you not to do that, how does the current rental rates being collected near the market average, does it need any capital repairs or rehab right away,does it have a positive cash flow now, is it being properly managed by property management, and is there any nearby retail development and do its match your target market.
What is the purpose of your phone call? Are you calling for the first time to tell them your requirements for properties you're looking for? Are you asking about one of their listings? Are you investing out of state or locally?
Please don't take this personally but your question is vague. The more specific you are, the more we can help you and it's more likely brokers will work with you.