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Updated about 3 years ago,
Questions for seller of a multi family property
I am looking at a purchasing a 4 plex in a rural area and was wondering what questions I should be asking the seller.
I have already asked about utilities, for example, owner pays trash, water, septic, propane, and landscaping, while tenants pay their own electricity.
My agent told me that all 4 units are currently rented, one being month to month.
I am concerned that this being a rural property in the Midwest, that it would be difficult to fill when vacancies arise. Is there a way to find out from the seller previous occupancy rates and where the tenants are employed? I have always stuck to larger metropolitan areas where information is more transparent and this would be my first multi family purchase. Any advice would be appreciated. Thanks.