Going to call on my first property, what should I ask?

[Tony Iaconelli]

Hey BP,

So my wife and I are currently renting a condo, and I take my dogs for walks around the neighborhood daily. I have been walking by the same condo for over a year now, and it looks like it has been vacant for quite a while. It is not the same complex we live in, but right down the road. I have always thought to my self, whether or not this place is for sale. Well, today on my walk, I noticed there was a sign in the window that said "For Sale, Seller Financing Available!" I took a picture of the sign and am interested in calling on it. I have never done a deal yet so I am unsure of what I should ask. Now I would like to purchase it, fix it up if need be, and live in it and rent it down the road. Or, just fix it up and rent it out, if it has potential to be a good deal. Any tips on what I should say when I call? 

Thanks in advance!

[Gilbert Dominguez]

I do not know if you remember when you wife and you got into your condo for rent. Do you remember going through any HOA approval process for you to rent your place?. I would first check with the HOA at the location where you saw this condo for sale. Tell them you would like to purchase that condo and ask them if they would have anything to say about it or what are their policies with regards to new owners. Then if you plan to rent it our ask about their policies about owners renting our their units.

Once and if you find out that you can do what you want with the unit it would be the time to connect with the seller. You would want to ascertain all of your cost, escrow fee, HOA dues, insurance if not covered by the HOA dues, You will want to do a walk through the unit to assess any existing or needed repairs. You will also want to contact an insurance company to find out what it will cost you to insure the property.

Depending on you wanting to accept the owner financing or now you would then interview the seller asking about the terms they are offering. You might also want to do a conventional loan against the property. That is up to you do decide for yourself. The whole point is that you will want to determine your total costs versus what you can rent the unit for . You will have to determine for yourself what you should offer for the property as a purchase price independent of what the seller may be asking.