4-Plex Walk Through - Dos/Donts

[Mark S.]

I'm currently analyzing and will likely shortly be walking through two different four-plexes. I've been mostly walking through vacant/REO properties in the past, so it's been a non-issue, but how do you approach walking through a property that has tenants in place?

I'm sure some of you might like that so you can get a better grip on "what" you're buying (i.e., existing tenants), but it makes me a bit uneasy. I think it's awkward and I'd prefer tenants not know who I am. Am I being a baby about the whole thing and just need to get over it, or is it better to just ask to walk the property when none of the tenants are home?

Also, what are the main things you're looking for as you walk the individual units? Do you talk to tenants if they're there? Are there certain things I should/shouldn't ask (like, "how much are you paying in rent right now?"), etc.?

Thanks in advance.

[Mark Rowan]

I'm as new to real estate investing as they come, so take this for what it's worth.
We just closed on our first 4 unit, and walked through when all tenants were home. None of them had any issue with is being there, or asking questions. We talked to them about their units. Any issues they were having. How long they have been there. I personally felt that meeting them was helpful to me. We are using a property manager, and the tenants do not have my contact info. So the one time meeting was, in my opinion, a positive.