Viewing 4-unit on Saturday -- What should I ask existing tenants?

[Account Closed]

Hi Guys,

I'm going to look at a 4-unit on Saturday that is fully rented.  It's all fully rented.  What kinds of questions should I ask them on Saturday to get an idea of what kind of issues might exist with the property or with them?  

I'm thinking a home inspection will uncover issues about the property.

Thanks,

Steven

[Nicholas Miller]

I have found that people generally don't like to give up a lot of valuable information about themselves however if you ask the right way you can learn a lot.  Rather than asking direct questions ask each tenant about the other tenants.

"tell me about your neighbors"

"are any of your neighbors noisy and obnoxious?"

"Do any of your neighbors do drugs/sell drugs?"

"Are there any of the other tenants who you just dont get allong with?  Why?"

Also, ask them about the current owners/manager...  Chances are good if the current owner is a dirt bag slum lord you will soon be seen as the dirt bag scum lord...  If they say good things behind the backs of their neighbors and the current owner than chances are good that the tenants are good people who get along with other people.

On a side note, I bought a 4-plex a couple of years ago...  Home inspection went well but the second day after closing the water heater exploded which caused water damage to two of the units, wasted a lot of water and obviously cost us the water heater.  You gotta love this line of work!  Still own the place but I have a management company take care of all the issues.  Tip of the hat @Adam Gerig