Asking the right questions

[Darren R.]

Hi,

I'm starting to email some agents with listings in my area for multi-family units.

I want to know what the gross revenues are, the NOI and what they are including in the expenses.

I'd like to know the cap rate, any defered maintenance, if there's a mortgage, the terms, does seller want to assign, etc.

Would be good to have a sort of form that I could copy and paste when I email them.

Basically looking for the "industry" way to ask these questions.

Thanks for any and all input.

[Chris Clothier]

Darren -

Great starting list of questions. I am not sure I would include the question about motivation of the seller though. You will know from the reply how motivated the seller is and this question may be a negative one in the eyes of the listing agent and/or owner. A simple reply with this info. will help you begin to separate those that are serious about selling and willing to negotiate and those that are going to hold out for top offer.

I would also research a list of multi-unit owners in your area and send this same letter directly to the owners. There very well may be owners who have not listed but would love to sell to a willing buyer.

Chris