First Opportunity - Fourplex

[Eddie Morales]

Hey BP Friends, 

Wanted to get some feedback and hear from the community. My partner and I got a strong lead for our first investment property. It's a fourplex in the Huntsville area. Each unit already has tenants in them. My partner is looking up comps but has had trouble finding any similar properties sold in the area. Right now we are getting a meeting set with the owner. What are some things we should be considering as we move into more of the details? We asked about motivations, time frame, we're considering the 1% rule, and looking at cap ex too. What else would you consider for first timers?

Looking forward to chatting more.

Thank you all in advance!

Ed

[Dena Puliatti]

Definitely factor in landscaping, trash collection, and any outside lighting as far as your financial responsibility.  Ask for leases, ledgers, keys, tenant contact information, and security deposits to transfer at closing.  Let me know if I can help. I'm in Huntsville.