Updated almost 7 years ago on . Most recent reply
What info to ask seller for when you're interested in a property?
Hello,
So we've been talking to our landlord about possibly buying one of his properties (he has offered to take a percentage of the rent we've paid and apply it to closing costs).
He told us he has a 5-plex he might be willing to sell (it's not officially on the market).
What should be the first steps we take in expressing our interest in buying it and doing due diligence? I have never bought a property before so I'm completely new at this.
We dont even know how much he wants to sell it for, how many beds/baths, how much rents are etc. We've done a few checks on Zillow and apartments.com to get an estimate of the selling price and rents.
Should we start by just asking his selling price, how much rents are? Should we ask for a T12? Or a rent roll? Or should we just ask to tour it first? (I'm sure it'll be a little hard to tour because I think all the units have tenants in them).
Thanks in advance!