Too good to be true

[Julian McFadden]

What should I do if a property looks too good to be true? What questions should I be asking the sellers? Any help is greatly appreciated. 

[Ned Carey]

As already said not enough information. 

You need to learn how to do Due diligence, which is what I think you are asking. Here are some ideas but you should do some more research on the subject. 

• Is it currently occupied?
• What is the quality of the tenants? Are they paying on time?
• How much are the rents - verify by looking at the leases
• What are the expenses? Verify them
• Who pays the utilities?
• Who manages the property? talk to them.
• Learn how to run the numbers, the education tab should have some info to help as well as the tools tab above which has some rental prperty evaluation tools.
• Are there any code violations or repairs that are required immediately?
• What are the current rents vs what the market rate is for a similar property?
• What is the age of the property and major systems? Are their capital improvements needed.

This is a short list but it will get you started.