First rental property

[Robert Carter]

Hi guys I’m new to real estate. I’m lookin for my first rental Property. I came across a property for 69000 that already has a tenant in it paying 850 dollars a month. It has newer appliances. Paint and flooring has been replaced recently also. It’s 1550 square feet. What are some questions I should ask the sellers and what are some things I should look for when I take a look at the place? Thank you.

[John Bryson]

Questions for seller:

1-Why are you selling?

2-Can I see the leases(Then send to a real estate attorney to look over)

3-Can I see the rent-rolls/taxes expenses ect.

4-Can I do an inspection on the property

What to look for:--I'd speak with the neighbors to get an idea of not only the neighborhood, but activity at the house you're thinking of buying....I've learned more from doing this than anything else....One time, I was talking with a neighbor and they asked about the guns in the garage.....Turns out, the tenant was illegally selling guns....OUT OF THE GARAGE!!!

Do an inspection and have inspector advise you on the condition of the home.

This is just a beginning list, but hope it helps!