What do you ask the tenants?

3 Replies

visiting my in contract property tomorrow as it was "subject to viewing" offer. What kinds of things do you look for? What do you ask the tenants? It's a fourplex. 

Probably too late for you now, but I would ask: 

  • What are you paying in rent? 
  • What is your security deposit?
  • Do you have a copy of your lease?
  • Do you want to stay?
  • How much did the owner pay you to answer this way? ;)

When I'm viewing a property, and there are tenants there, I ask them several questions:

+ How much are you paying in rent?

+ Are the appliances yours?

+ Do you pay your own gas, electric, and water?

+ Do you take care of the grass cutting and snow removal?

+ How long have you lived here?

+ Would you want to continue living here in the future?

+ What needs to get fixed in this building?

Even if you have this information, or think you have it, it may be good to ask.  For example if the owner states the rent is $700/month but the tenant says its $600/month, something's not right and you want to get that sorted out.

Thank you I'm having the home inspection done tomorrow. I have received the leases and applications from the current owner and reviewed them for the numbers. They are in the process of getting us the estoppels. 

Follow up, question on my tenant questions, what kinds of things do you guys check for during the home inspection?  I have a professional home inspector doing in the inspection but I figure spend my time productively and I'm building a checklist for myself for things I can look for as well.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here