Questions to ask when evaluating a rental property

[Brad Noe]

Does anyone have any advice on what questions and information to ask for when looking at a rental property? I have found a 4-plex that my partners and I are highly interested in, but wonder if I could get some advice as to what to ask for now (haven't even scheduled a tour yet), during the tour, after the tour is done (assuming we're still interested), etc.? I just wonder what the normal course of action is. Thanks!

[Tyler Herman]

Ask who, the owner, inspector, your realtor, their realtor? Different questions for different people.

Assuming you've already run some initial numbers. If the rental is occupied I'd start by asking for proof of income. Schedule E to verify. Ask about property management, vacancy rates, lease information. Try to get real numbers on insurance, utilities, taxes, maintenace costs, repairs. When the big ticket items where last updated/replaced: hvac, roof, etc. 

Get the inspection and factor in your repair costs. 

Sounds like you and your partner may want to spend some more time learning a bit more about investing before buying a 4plex but that's just me. Luckily  there are many blog and forum posts on this subject, spend some time combing through them.