Questions for the Agent

[Corey Depuy]

This might seem elementary, but as I start digging further the investment process, I find myself at a lack of questions about the properties I'm inquiring about. Particularly, I'm curious what clear, specific questions I should be asking about properties that have been sitting on the market for an extended period of time (this one has been on and off for 3 years) - I want to be fully prepared during a call or showing, in order to be considerate of everyone's time.

Came across a triplex that only had exterior pictures and spoke with the agent on the phone. Here are some of the things that came out of the conversation:

- Asked how much rehab was needed (subjective, I know)

- Asked which units were currently being occupied and at what rates

- Asked why the unit had been posted, pending, reposted, and lowered multiple times

All in all, I got some good information, but I feel like it could have gone a lot smoother and I could have walked away with a little more detail - but I'm not sure what that is. Any advice on what questions to ask for future calls? Thanks in advance!

[Nicholas Smith]

Nothing wrong with asking why the seller is getting rid of the property.  Once you've done your analysis, you can even let the agent know what price you're thinking and see how they respond.  Most agents will outright tell you if you are way off base or not.