Advice on a (good?) deal

[Anthony Ferguson]

Hello everyone

Me and a friend of mine are just starting out in REI and managed to stumble across an 85K 5 unit building from a realtor we just met. We are going out to look at the property this Friday. From the sounds of it, it sounds like it could be a fantastic deal. So I phoned up the only guy i knew of for some info, my brother (a 5 year veteran in the REI business) who lives out in Cali.

I told him about the very exciting news and he was not only excited that I decided to pursue in REI but that i had already managed to stumble across a possible deal. We did a little bit of number crunching, we figured it had a good potential for some cash flow.

All i really talked to him about was the potential for cash flow. What i failed to ask him about were questions like what questions should I be asking the owner? what should i be looking at when i visit the property? What information should i be getting out of him? And the biggest one, how should I be financing?

I was just wondering if anyone could give me some quick tips on how to be prepared before me and my partner in crime (not literally) go check out the property.

Thanks,

Anthony