Hello all. I'm new to this real estate thing and Ive been analyzing rental properties here and there. I found a duplex that has peaked my interest and would like to go check it out and do a walkthrough. What sorts of things should I look out for during the walkthrough? Also, What are some key probing questions I should ask the seller to make sure I leave with all the necessary information to make an educated, smart decision as to invest or not.
Being it is my first time I may need to gather more information than the experienced investor. What sorts of things should I try to get the seller to provide me to make my decision easier? What should I expect the seller to provide? I would appreciate any and all advice!
1. What is the rent?
2. Are the utilities separated? Who pays for what?
3. If the tenant is there, ask them if they've had any issues with property
4. I look for leaks under toilets and sinks...Also look for gigantic cracks in the wall or a titled floor for foundation issues
5. What kind of parking? Washer and dryer hookup?
6. Check the roof from a distance if you can, just get an idea if it looks shoddy and might need replacement
7. Check the basement and attic if you can. Basement I'm really looking to make sure water isn't seeping in under the property and the attic I'm mostly checking for leaks in the roof.
8. Don't be afraid to take pictures and notes, if you look at a lot of properties you will forget basic things about the properties and either have to go back in look or hope you get it right..
These are just a few things I look for when looking at properties, best of luck
Thanks Alexander. This information is really helpful and I will definitely use it when checking out this property. Much appreciated.