Private Rental Property Questions

3 Replies

So I have a lead on a property that is a private sale. What are some major questions I should ask. I have a couple in mind but I would like to see if I'm missing anything or if anyone has any other ideas! Thanks in advanc

@Mike Rueffer The main thing you want to know is what they want to get for the property.  Don't make an offer first.  If it is full market value then it is not likely a deal, but keep working it anyway.  It's good practice if nothing else.  

Ask them why they are selling.  Then reiterate their price.  "So, you're look for X?"  See if they show any signs of movement. 

Talk about the condition of the house.  Then come back to price.  If they sounded flexible then maybe say something like, "So your negotiable around X?"

You might mention what you can offer.  Quick close, no realtors fee, cash.  Then again say, "Is X [or whatever number they were last at] the best you can do?"  Maybe even be blunt, especially if they are not near where you could pay.  "What is your absolute best price, if we could strike a deal right now?"

Depending on the situation I sometimes just say I can't do that and come back to them in a few weeks.  Other times I'll say, "I would need it to be in the Y ballpark.  Is that something you could see working for you?"

What improvements have they done to the property?

What repairs need to be made immediately?

What are some long term repairs / upgrades that will need to be done - ie- How is the roof, water heater, is there AC?

How old is the home, the pluming? do the appliances convey?

What are the Property taxes, HOA? any other fees?

Any problems with the neighborhood you should be aware of?

Is there currently a tenant? How much do they pay? are they on a lease? have they ever been late?