19 Unit Multi-family

[Ben VanTuil]

Hello,

I'm wanting to get into investment properties. I have unit I have found on the MLS that looks to have potential. It is a 19 unit building. This is my first step into real estate investments. The numbers look good as I take the plunge. I have lots of questions, but my biggest question is, when viewing the property are there any dangers or warning signs I should look for? The property also comes with a person who lives in one of the units who the seller says in the property manager. What questions should I ask him?

Any advice would be appreciated or signs to look for.  Don't want to get in over my head, but also know it's a great way to learn.  

Thank you,

Ben

[Bjorn Ahlblad]

Bring your own realtor and have them earn their fee. I would have it professionally inspected, you accompany the inspector and make sure you see every unit and verify the numbers you are being told.. The numbers in the ad are generally hopeful or just plain wrong. Ask for a rent roll, leases and a T12. Make sure YOU know how to underwrite the deal. The 'resident manager', I would not ask him anything except maybe for a forwarding address if you wind up buying the property. Find the market rents for similar units and properties, and what will you need to spend to get the building to market.