Multi-family that is tenant occupied

[John Philip Eugenio]

Hello investors,

I am looking at purchasing a multi-family out of state investment. My questions are if I am buying a multi-family, what are the things I should look for, what are the questions should I ask to the seller? Considering purchasing a property in Ohio state which is way cheaper than California. A lot of these properties are already tenant occupied.

-John

[Remington Lyman]

Quote from @John Philip Eugenio:

Hello investors,

I am looking at purchasing a multi-family out of state investment. My questions are if I am buying a multi-family, what are the things I should look for, what are the questions should I ask to the seller? Considering purchasing a property in Ohio state which is way cheaper than California. A lot of these properties are already tenant occupied.

-John

 I would add this to the Ohio purchase contracts

111 Investment Property Purchase Clause This Offer is contingent upon Buyer’s satisfactory review of all leases, rental agreements, deposits, past 1 years’ income and expense reports and within 2 calendar days after acceptance of this offer. Seller shall provide such documents and information, representing them to be true and accurate, within 2 calendar days after acceptance. During the pendency and term of this contract, Seller shall not change any existing lease, enter into any new lease or make any substantial alterations or repairs without the consent of the Buyer. Failure by the Buyer to so notify the Seller and/or Seller’s Broker in writing, within the calendar days, shall constitute an election by the Buyer to proceed with the transaction.