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Updated over 8 years ago, 07/28/2016
Potential Rental - Specific questions for seller
So I'm getting deeper with this potential rental and numbers are looking OK without specifics yet from the seller so, I'm looking to the BP experts on specific questions I need to ask of the seller. Below is what I've come up with so far. Looking for suggestions on what else to ask, WHAT I MAYBE SHOULDN'T ASK, and suggestions on what to elaborate on. Thanks in advance to any and all responses!
- Price? ??? She is still checking comps. I believe she is looking for ~$49K
- Why are you selling? Retiring and just doesn’t want to mess with it after relocating to AZ.
- Are there any known issues with the property? No
- Neighborhood grade? C
- Any known issues with neighbors? ???
- Is the property under lease? YES
- How long has the resident been at the property? 18 months
- Rent? $600
- What remains on the lease? ???
- Documentation? Yes
- Any known issues with the tenant? No, good tenant.
- Age of property? 1966
- Type of structure? Brick, multi-level condo/apartments
- Parking (on/off-street, car port, garage, lot, gated)? Assigned parking space/single
- What s included?
- Age of these items (roof, A/C, furnace, appliances)? Appliances
- What isn’t?
- Last capital expenditure and do you have documentation? ???
- Condo (yes/no)? If yes,
- HOA fees? $196 p/month
- Last assessment? Amount? Approx 3 years ago. $200 for retaining wall. Assessment insurance available through HOA approximately $5 per yer
- Known issues/problems with HOA? Sometimes slow but they do get work done. Sometimes just have to keep on them.
- Investor restrictions/rental restrictions? None
- Percentage of renters to owners? ????
- How long has the property been on the market for? Not on the market yet. Seller was just starting to think of selling.
- Are there any covenants, caveats or any regulatory restrictions on the property? ???
- What owner responsible costs are there aside from the normal mortgage and taxes, i.e., sewer, electric, garbage?
- Sewer?
- Garbage?
- Electric?
- Water?
- If a condo, is:
- Separate meters?
- Costs not covered by HOA?
Thanks again to ALL!!