Investor · Philadelphia, PA · Member since 2022 · 106 posts · 56 votes
BP,
I'm working with a seller to buy his (4) single family units, all of which are occupied. This is a first for me and wanted to ask for advice. Anything specific I should be looking out for that isn't covered in the traditional buying experience? Would you recommend any niche statements to add into our Agreement of Sale that you have found useful?
well, this is a big and broad question. i have lots of questions for you -
when you say "this is a first," do you mean this is your first ever investment purchase? or your first time buying a package? have you seen all 4 properties? are you using an agent? is the seller using an agent? is the seller an agent? are you using a title company? have you run the numbers on each property? how are you financing it? are written leases in place? are the leases current? are all tenants current on rent payments? have any tenants had payment problems in the past? are the tenants aware a sale is pending? will you receive security deposits? are you paying below, at, or above market? do the properties need refreshing or repairs? will you have them inspected?