Questions to ask seller before buying your first property

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Questions to ask seller before buying your first property

Drew Lied
Real Estate Agent · Milwaukee · Member since 2019 · 33 posts · 14 votes

Hey everyone,

Just a few questions:

1. What do you suggest asking a seller (off market, tenant occupied) before making an offer on their property?


2. Is it fair to ask for their background check on the tenants/their names?

3. Is there anything that you shouldn't ask?

Thanks!

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Tim Herman
Member since 2018 · 2k+ posts · 1k+ votes
7y

@Drew Lied a T-12(trailing income and expense report) schedule e from last 2 years. Copies of the leases. You can ask for the tenant screening but it won't make a difference. You will inherit the leases. Don't ask about religion or politics. If you go under contract you will need to get an estoppel letter from the tenants.

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  • Tim Herman
    Member since 2018 · 2k+ posts · 1k+ votes
    7y

    @Drew Lied a T-12(trailing income and expense report) schedule e from last 2 years. Copies of the leases. You can ask for the tenant screening but it won't make a difference. You will inherit the leases. Don't ask about religion or politics. If you go under contract you will need to get an estoppel letter from the tenants.

    1Reply
  • Drew Lied
    OP
    Real Estate Agent · Milwaukee · Member since 2019 · 33 posts · 14 votes
    7y

    @Tim Herman - Thanks for the info! Why do you say the tenant information doesn't matter? Don't you want a clear understanding if they'll be able to pay rent?

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  • Tim Herman
    Member since 2018 · 2k+ posts · 1k+ votes
    7y

    @Drew Lied You will be tied to the present leases.

    They can be child molesters and have 400 credit score and nothing you can do but enforce the current lease.

    As long as they do not violate any of the clauses you have no recourse. 

    1Reply
  • Lynnette E.
    Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
    7y

    I would ask for repair requests from each tenant, what was found and when/if the repair was made.  I would ask for any documentation/photo of the places prior to tenants move in to show condition.

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  • David McKee
    Homeowner · Altamonte Springs, FL · Member since 2018 · 29 posts · 14 votes
    7y

    I think @Tim Herman is just saying you're stuck with the same tenants until the current lease ends. Unless they are in violation of the current lease and you proceed with an eviction.

    However, you don't have to renew the lease once its up.

    I''d personally want as much info on who is in my house as possible though so getting all the info that the seller has on them in my hands would be something I'd want. Let me decide if its unnecessary info or not after I've got my eyes on it.

    Repair requests is interesting @Lynnette E..

    My gut reaction is if I ask for repair requests and then deem the tenant is being too picky or the repairs shouldn't happen in as short a time frame as the tenant thinks they should, that I'd be opening up a bad relationship early on with these tenants that I did not get to screen. Conversely, if my request for the condition of the property and what needs repair ends up catching a leak, for example, before it gets way out of hand; I could save a lot of money and headache. So I ultimately think the tenant would appreciate an active new landlord looking to improve their personal living situation, however I could see a pesky tenant taking it the wrong way. Be prepared for both

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