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Updated over 14 years ago,
Anything else to check before buying?
Hello all,
I just wanted to run my checklist by you guys and see if you can please something that I may have missed.
1) If the property is for sale by owner, why is the owner looking to sell the property?
2) How long has the seller owned the property?
3) How long has the property been up for sale?
4) Is the property occupied?
5) If occupied, I ask for copies of lease and support for rent payments.
6) I compare the rent to the market rent.
7) Are the utilities separate for each unit?
8) Any deferred maintenance?
9) Is the owner current with tax or mortgage payments on the house?
10) If behind, how much behind?
11) I drive by the property and I talk to neighbors to find out more about that neighborhood/block.
12) I walk through the property with a contractor to see how much work it needs?
13) I call the city to confirm that the property is coded correctly and none of the units are illegal in the property.
14) I run the numbers and make sure it meets my minimum requirement.
What else besides this do you guys do when you buy a property? Any other analyses? I will really appreciate your feedback.