Purchasing a Multi Family, Am I doing due diligence?

[Christian S.]

Hi Everyone, 

I Found a pretty good deal on a multi-family in hartford. The home was just renovated, so all of the heavy hitters are taken care of: Roof, Electrical, Bathrooms, Windows, Furnace (separate for each unit). It's a 3 unit, with two tenants and one owner occupied that i'll be moving into. The reno was done very well. 

Two questions for investors, or owners in the area:

1) The area is very rental heavy, it seems like a better place to purchase than say West Hartford. What's been your experience getting quality tenants in that Area? Have you had any issues with vacancy?

2) Is there anything obvious I am missing that has been an issue for some of you more experienced investors.(This is my first investment, and I could use any advice you can offer)

- Lower Probability for CapEx with the upgrades made

- Current Tenants Cover Operating Expenses

- Living for Free, and considering a roommate to buffer expenses

Note: I apologize if some of these topics have been posted generally. I'm look for location specific information. 

Thanks Everyone! BP has been great so far

[George Smith]

I usually knock on the door of a bunch of the neighbors on the block before making an offer. That way you know about the funny smell that always lingers, the jerk or barking dog that lives next door, or possibly even previous issues with the house. 

Good luck.