What question you guys ask a seller?

[Irwin Velez]

Guy,

I will have a call today with a seller out in Puerto Rico that wants to sell me a 4 plex. I went to the property on the begging of this month but he was out on as family vacation and my time was limited because I have to flight back to Houston ether way I found this lead because the neighborh of the seller is my uncle and he knows I'm looking to invest in the island. The question is what the best questions about que property that I should ask this gentleman?

[Theresa Harris]

@Irwin Velez  

Why are you selling?

What are the monthly bills for water, sewer, electricity?

What are the rents for each unit, how long have the current tenants been in place, do they all pay rent on time?

Get copies of the leases and inspect the properties-the seller may want you to put an offer in first with a deposit which is not unusual.  Check the terms of the lease.

Assuming you buy it, make sure the offer states that you get the tenants' deposits along with prorated rent and their contact information.