Hello All! Gung-ho newbies here looking for some guidance! All help and patience is appreciated!
We have a meeting this week Friday with a seller who has a 16 unit apartment building for sale. Since this will be our first time meeting with a seller to discuss a deal, and commercial property is its own unique niche, we are reaching out to the BP community for some advice. We do know a little bit about the property (location, upkeep, photos, vacancies, income, expenses, projected COC, cap rate, taxes, seller's purchase price, etc).
What questions would an experienced real estate investor be sure to ask the sellers?
What (if anything) should we bring to the meeting?
What is the best way to prepare for the meeting? (What research should we do? etc)
We also have a contractor willing to walk through the property with us at a later date. What other "precautions" or due diligence should we be thinking about at the very beginning of this process?
Thanks so much in advance!
I would ask for a current operating statement and their income tax returns for last year for this particular property. I would also bring a blank purchase contract I always carry one. If you do write one be sure and give yourself plenty of time for proper due diligence .