Sending Potential Property Manager Rental Property Questions

[Ace Goodrich]

Hey Forum, hope you're well.

There's a decent property that's caught my eye in Ft Lauderdale, FL -- Riverside Park to be precise. The property already has a TIP tenant in place and on a lease until next April 2023.

This is my first time doing this, so feel free to unpack any words of wisdom you've learned since your first win.

The rental $2100 covers just under the estimated costs and 1% Rule, so that's a plus.  Property's listed at 280K.

What I'm uncertain of and will ask the point person on this is what the total costs are each month and how much the tenant covers, where to get a new tenant or extend the lease before March 2023, etc.

I don't live in Florida and will probably get some property managers' POV on how to handle this long-distance, and want to make sure I'm making it worth their time for one door.

How do I phrase that and share details with a potential property manager about the property BEFORE putting in an offer?

thanks in advance, have a good one!

[Isabela Faria-Newell]

For everything below, I would prepare it all before chatting with someone as to come off as prepared and ready.  As well as showing that you value their time.

Have these listed out.  You say that you are uncertain of the costs, so do some legwork on your end to find them.  It is fairly straight forward with using the search tool on this forum.  Countless people have posted this time and again.  Write them out after reading a few posts and with an idea.  Check with the seller to inquire how long that the tenant has been in place and if they have renewed before.  Often, we miss the vacancy when doing our numbers, and that will quickly turn a winner into a loser.  Also for the seller, ask what expenses that the tenant covers currently. I would ask about your expenses and if he thinks they are accurate/realistic (often we miss some things in our formulas or overestimate the good).  It is not hard to manage yearly rentals from afar, just with some simple reading on the forums, you will be able to.  

Overall: Read on the expenses and managing from afar, ask the seller for information on the tenant and current expenses, as well as maintenance that was performed and when so you know if there is anything deferred that could be a large upcoming bill.  From here, reach out to them and see who is willing to take a call from you.  If you want help from a local realtor and investor in Ft Laudy, let me know.