What important Q's to ask a Real Estate agent about the property?

Question

Hello, my name is Alex i'm from a small island called Aruba. I have started looking at various apartment complex here in Aruba. I found about 17 apartment complexes all of them have various real estate agents. Tomorrow i have an appointment with one. so my question is " What kinda questions is important to ask a real estate agent about the property?" i know that the numbers are important to ask but what more do you guys think? so i can make sure it can be a good deal when i calculate all of the number etc.

Hope to get an answer from your guys.

Brie Schmidt · Answer

@Alex Tromp - That is a hard question to answer. You need to know everything about the property before moving forward.

What condition are the major components (roof, HVAC, plumbing, electrical, ect) in?

Who pays utilities?

What are current rents?

What are market rents?

How much is it going to take to get to market rents?

What changes can be made to increase NOI?

Current Vacancy rate vs the area?

What is the current NOI?

What is the Pro Forma NOI?

What is the cap rate?

What are cap rates in your area?

Kenrick Lumenier · Answer

Hi Lisa,

How are you?

so nice to hear that you love Aruba, I know 3 properties that are for sale that are purely income property.

I work also as a real estate agent on the island.Remember you have 180 days per year that you can stay on the island.I can help you out with a company that does the permit if you wish.

Lisa Ellingwood · Answer

Hi guys! I am IN LOVE with ARUBA! soooo....definitely want to invest in a home, not just for vacation purpose but for income property. The homes i am looking at are 3/4 bdr homes including 1 or 2 small apartments detached on the property. My plan would be to rent the house out most of the yr. And the apartments all year. I found out i should first apply for my temporary residency papers first, then purchace since this is the plan. I am having a hard time with the agencies getting back to me on my questions about the property. No one has contacted me with phone #'s ect after a few emails. A few different homes i was very interested in and were quickly sold. Im kinda afraid of that when i finally find the "ONE & READY WITH FUNDS" . geeze. As soon as i get residency papers, i am planning another quick trip down. Id like to meet up and tour several homes if possible. Let me know, Lisa

Kenrick Lumenier · Answer

Hi Alex,

Contact me anytime

Alex Tromp · Answer

@Kenrick Lumenier Hi Kenrick,

Yes exactly the numbers for me is very important and where it's located , also i ask for the market rents of that particular area just to get more information.

Thank you for your feedback really appreciated.

Hope to get in contact with you.

Kenrick Lumenier · Answer

Hi Alex,

Ask them first if they have a trailing 12 months on the property.

You should look to see in the books, % occupancy, monthly expenses on the property ect.

Being from Aruba I have asked this but have not gotten them only figures of income per month.

Alex Tromp · Answer

@Brie Schmidt - Alright thank you for your tips it's very helpful. Hope the real estate agent can give mi answer to those question also.

What important Q's to ask a Real Estate agent about the property?

What important Q's to ask a Real Estate agent about the property?

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