Questions During Multifamily Open House

2 Replies

Hi all,

What are things that you look for when attending an open house/showing of a multifamily property? 

What are some go to questions you ask while talking to the seller and your agent?

Your friend,

Nick Mulligan

Look for repairs focus on things that you can't ask at a later time.  You can't see a hole in the wall from your phone but you can ask what the rents are or who has a security deposit

I look to see which units are kept nicely by the tenant. These are the inherited tenants you want to keep. I also look for ways to bring in more income (such as coin-op washers/dryers), storage, etc. 

If any units aren't being shown I ask why. I also ask about the utilities and which are on separate meters. If current rent amounts aren't provided, I ask for them. I also ask when each lease is up and how long each tenant has lived there. 

Finally, I ask why the seller wants to sell. That will tell you a lot and if a property can be had for less.