Tips & Advice when meeting with an agent to buy my first deal NY

[Joseph W Deleguardia]

Hey everyone,

First time posting on the forums, big fan of biggerpockets podcast, listen to it every morning at work! I'm currently going to look at my first ever deal to buy a duplex here in Rochester, NY. I am meeting with the agent on Monday and am wondering if any of you experienced duplex/multi-family investors can give me advice on what questions I should be asking, what numbers and financial statements should i want to request. This will be my first time ever doing a walk-through and meeting with an agent and I just want to know how to tell if its a good deal or not. Any tips from more experienced investors preferably in the Rochester, NY area will be much appreciated! 

Both units in the home are currently occupied, ones lease expires in may and the other one has been there for around 18 years.

A little details about the deal are

• 1,380 sq ft
• 3,049 sqft lot
• Property TypeMulti-Family Home
• Last Sold $76k in 2014
• Days on Realtor.com 159 days
• Year Built1900
• Price per sqft$94
• Garage1 car

Thanks everyone in advance!

- Joe

[Lucas Cochran]

Ask if the tenants are willing to stay (instant income and don't need to find a renter).  Get copies of the rental/lease agreements and study them.  Look for any signs of water leaks in bathrooms and kitchens and roof.  

Ask if the tenants can be there when you look at property.  This will be a good way to see what the tenants are like and you can ask them if there is anything that needs repaired and/or wrong with the place.

Take a flashlight and look in the attic and under the house for signs of water damage.  I like to crawl under house and check for damage in all the creepy crawling spots.  

When walking through the house pay attention and try to find soft spots in the flooring especially utility rooms, bathrooms and kitchens.  

Then its a matter of doing the math on what needs fixed + purchase price + all fees to be paid at closing.  Then figure your monthly profit line after rent money comes in.  If the profit is satisfactory to you then do it, if not move on to some other place.  20% net profit is the lowest I will go (but that's a personal choice).