Walk Throughs of duplexes, what questions should I ask?

Question

I'm doing a walk through of a Duplex that I might be purchasing this Wednesday, and I want to know,, what types of questions should I be asking,

Basit Siddiqi · Answer

@John Boyd

Depending on the state you live in, Title/recording is done by a title company or attorneys.

You should know if there are tenants currently living in the property - What are they paying for rent and are they up-to-date on payments.
Find out all the information regarding the condition of the house - What is the condition of the Roof, HVAC system, appliances, countertops. Get a good estimate of the costs that needs to be fixed or the life remaining on them.
Like if you know the roof is 10 years old...estimate the amount of years it has left.
A roof replaced 1 year ago is better than a roof replaced 15 years ago.

You should know the comps of the duplex.

Good luck on your walk-through!

Leonard Sanford Jr · Answer

@John Boyd

Thank you for starting this thread. Best of luck through you on your walk through! I just got my pre approval letter from my credit union, and am getting ready to make an offer on a duplex that I'm looking to House Hack this weekend. Would be very interested in connecting and helping each other on this journey.

Sharon Ho · Answer

Ask seller's agent for - list of recent updates, rent rolls, current leases

Look at - layout of the house (does it work long-term), storage space, plumbing (look under sinks and around toilets for water damage), signs of settling and framing issues, slope of landscaping, roof and gutters, washer/dryer hook-up

Stephen Akindona · Answer

@John Boyd, you will want to know who utilities are handled! Are the units separately metered or does the owner pay for utilities! How is yard maintenance being handled? Of course as others have stated you need all the due diligence documents. Rent rolls, lease agreements, tenant ledgers, repair reports etc!

Trevor Greene · Answer

To add to the list of things to consider, I would make sure that you go through the existing leases and make sure that everything is accounted for before closing.

We recently bought a 4plex and, because they were annoyed that we did not hire them, the existing property management company was a bit reticent to communicate with us after the sale. I would make sure that you have:

- Existing leases. Read and understand them.

- Contact information of existing tenants.

- An understanding of the security deposits and how they will be transferred to you.

- Any move-in checklists or paperwork. You want to know what they are and are not responsible for upon move-out and possible assessment of damages.

- Cleaning specifications from the lease - again because it might impact their move-out. Did the management company collect some sort of non-refundable carpet cleaning fee that would be used when they moved out? If so, I would argue for that to be credited to you.

That is not a comprehensive list, but you get the idea.

Derek Harris · Answer

@John Boyd, make sure you confirm what the property is zoned for. Some duplexes I've come across are illegally zoned. For example, some homeowners try to convert a single family residence to a duplex without getting city approval. However, some older properties are legal nonconforming which is a fancy way of saying they are grandfathered in.

Ashley Mitchell · Answer

@Leonard Sanford Jr Wow, Thank you ! I will surely go ahead and open an account ! Thank you informing me of that information

Leonard Sanford Jr · Answer

@Ashley Mitchell Hi Ashley! Based on the discussions I've had with my dad, agent and countless others in the BP community, Credit Unions typically offer better terms and rates on mortgages. Since I opened my first checking/savings accounts a few years ago, I have always been with a CU thanks to proper parental guidance.

I'm so sorry that you're experiencing some difficulty with your bank and getting your pre approval letter back. Once I submitted the application, I worked with the Loan Officer (LO) and my agent and I both had a copy of the letter in less than a day. I'm not very familiar with North Carolina as a whole, but if there are reputable credit unions in your area I would say they're certainly worth a shot. Also, you don't necessarily have to be a member of the CU in order to apply for a mortgage/loan with them. I hope this helps! If you need any other support please don't hesitate to reach out :)

John Boyd · Answer

Ok, right now it seems we have some roof damages, foundation cracks, gutter damages, what should I do, walk away?

Account Closed · Answer

@John Boyd Honestly, that could be a very long or very short list based on what you already know about the property. Can you provide what due diligence you have already performed/what you already know? Which pieces of the home buying process are you most comfortable with and least comfortable with?

Walk Throughs of duplexes, what questions should I ask?

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