Buying property from another investor
Hi, I'm a newbie investor looking for my first property and I found a SFH listed on the MLS that is investor owned. Currently it is tenant occupied and the tenants are on a month to month lease. The agent says the investor wants to get out of real estate which is why he is selling. The agent also said that the investor rents the property out for about $900/month with $100 higher that what I would have expected for the size of the property.
My question is: How can I verify how much he rented the property for? Generally, what other questions or information should I ask him for?
Thanks for any advice!
Most Popular Reply
it doesn't matter what he's renting it for at the current lease, always make an offer on current market rent. Base this on your other units or do your research for comparable rent values. If he suckered someone into paying 100 bucks it doesn't mean the property is worth more. There is no need to ask for bank account statements for deposits. A deal either makes sense or it doesn't.