Checklist before buying a rental property?

[Hani Alomar]

Hi, I'm in search to buy my 1st cash flow multifamily or SFM. Is there a detailed inclusive checklist for things i need to examine/check before the purchase?

[Jose Batista Abikarram]

Hey @Hani Alomar. I am sure you can find something very detailed but I think it might hurt more than it would help. The last thing you want to do is planning paralysis. One thing I learned this past weekend is that if you are not making offers you are not making money. What I would do is follow a few rules of thumb to weed out potential deals and then make offers. This would be my simple checklist (in order):

1) Pre approval to see what price you should look for

2) 1% rule (might not work in SFM, but you could lower the standards if so or look in locations in the pass of progress)

3) See if you like the investment in terms of location/number of headaches (profit vs comfort)

4) Make an offer with at least inspection contingency

5) If offer is accepted do your due diligence to make sure the deal works (for this part I do recommend a detailed checklist, the link below has a link to one I have used before

https://www.coachcarson.com/free-tool-kit/)

Good luck!!!