Going to an open house.. time to panic?

[Joe Curley]

Hey everyone

Over the last 6 months i've been analyzing deals, listening to as much content as possible, and got pre approved for a good amount to borrow for my area.

I found a property in my area that is in good condition, 4 units, and will cash flow nicely

I am going to the open house this weekend, and I had the thought...

"Oh no, am I actually equipped to be a landlord"

The property is already under property management, and the listing agent stated they are eager to continue managing the property so thats nice.

I guess I'm suddenly nervous as things get more real about things that I don't yet know.

- Umbrella insurance/versus LLC for protection and when do I start gathering that info, would it only be when an offer is accepted or is it possible to get quotes before for assessing the deal?

- Questions to ask at the open house

- What to look for in terms of anything that might need to be repaired

- There's already tenants there, what should I ask about that? Current leases etc

- Should I consider finding out who the property management company is and trying to reach out to them prior?

Thanks in advance for any input!