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Updated about 8 years ago,
4 Unit Vacation Property - What do I need to know?
I've found a 4-unit vacation property for sale one town over from me in a touristy spot. I want to pick up some short-term rental properties and this one fits my criteria pretty well.
What do I need to know from the owner to ensure this is a good deal?
Here's what I'm currently asking for:
- P&L sheet
- Rental rates
- Vacancy rates
- Expenses (especially insurance as this property is blocks from Galveston Bay)
- Current marketing efforts
- Current property management
- Known repairs needed
- Furnishings included if any
- Any special local taxes
What am I missing?
Thanks in advance.