Questions for seller of a multi family property

[Kari Morales]

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.

[Wesley B Williams]

You could ask the seller if they have records of occupancy... but that's not always likely and they may not show you even if they do. That's the double edged sword with rural properties, you can get a good deal on them on paper, but they often require more hands on especially if you cant find a reliable PM or good subs to do the work, you also really have to know the market and what occupancy rates will look like. you may ask your agent for PM suggestions and see what they say about occupancy as they are the local experts. good luck!