Investment property “ask” checklist?

Question

Hi everyone,

Is there a good “ask” checklist to ask realtors about information about an investment property before purchasing, specifically for STR purposes ?

EG of Standard questions: how old is the roof? Etc.

Is it normal to ask of the age of all appliances ?

what other majors answers besides Hvac, roof, pool resurfacing, pool pump, would it be smart to know the answers too besides purchasing?

Thanks in advance!

Chris K. · Answer

@Nancy Bachety looking at Bradenton, fl. close to some of the best beaches in Florida. Solid STR and also LTR market.....

Brian G. · Answer

@Chris Klingemann the most important question to ask of all imo is: what is the expected gross revenue? Tip: purchase a property with the highest expected gross revenue you can with your available $$$. Good luck!

Nancy Bachety · Answer

Most importantly, ask, but verify, what the house’s zoning code is, what the village, town, city and state regulations are for STR’s and understand they might change anytime. Consider the value in choosing a location that has a solid history of short term rentals with favorable regulations and zoning. Where are you looking?

Chris K. · Answer

@Nathan G. Thank you

Patrick McCabe · Answer

@Chris Klingemann As others have mentioned zoning is huge. As @Luke Carl mentioned you may want to research that one yourself as well and not solely rely on the realtors knowledge.

One thing that comes to mind that a realtor can help with is to find out if any of the furnishings can be included in the sale as furnishing a STR is a big part of start up cost.

Luke Carl · Answer

@Chris Klingemann I consider these things my job not my realtors job. When you’re new it’s tough so hopefully your agent owns a few things and can help. Once you get a little experience you can generally tell how old a roof is just by looking at a couple of pictures.

I’m currently sitting in a house I bought sight unseen. 600k and I owned it for a couple of months before ever seeing it.

Chris K. · Answer

@Paul Sandhu thank you!

Nathan Gesner · Answer

All your normal things like doors, windows, roof, siding, etc.

Systems (heating, cooling, electrical, sewer, etc.)

Lease Agreements

Tenants (application and screening, payment history, violations, etc.)

Maintenance requests for past 12 - 24 months

Utilities (shared? Split meters? Owner share?)

Parking and storage

Common space (laundry, halls, yard)

Neighborhood / Neighbors (is it commensurate with the community? Do neighbors like the property/tenants?)

Service contracts (landscaping, laundry, pool, etc.)

John Underwood · Answer

You should be able to Google and find a list. As far as house is concerned, no difference than buying any house. Get an inspection once you make an offer. Make sure you have an inspection period of time and a contingency.

Paul Sandhu · Answer

Age of hot water tank, termite inspection, lead paint, prior history of methamphetamine manufacturing, cathouse, zoning for STR, I could go on but I'm lifting weights right now.

Investment property “ask” checklist?

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