All Forum Posts by: Joaquin Moreyra

 This is very common. You can also easily get out of the contract if after you walk the property, it is not at all what the pictures looked like. There are a lot of safety nets still when you are in contract and several reasons you can get out of it. So I would go for it!

Yep, this is understandably common....but then a buyer like yourself needs to cover their butts bigtime. Make the offer contingent upon everything you can. Including return of EM.

Once he is satisfied that you are a legit buyer and can perform monetarily, then you should have a great Home Inspector standing by to let you know what your fix-up and turnover costs will be.

@Joaquin Moreyra, echoing the others.  I would say it is fairly common for smaller properties where the buyer is not typically a professional real estate investor.  Bigger properties, it is more common to set one or two tour days.

Think about from the tenant and seller perspective: if they list on the MLS, they are going to get a lot of "tire kickers", and they will want tours convenient to them. Most leases require 24 hours notice for non-emergency access. As such, beyond "spooking" the tenants, it just becomes very cumbersome both seller and tenants. Add COVID concerns still running around, and you start getting into a very disruptive situation, especially when this is an investment, that should be primarily driven off your numbers. I also believe you can get a very good sense of interior conditions from a drive by of the property. A landlord that keeps the exterior in good condition, commonly keeps units in good repair, and vice versa. Not to say you shouldn't do a full inspection and tour, and have the outs that Greg mentions, but for a rule of thumb to understand anticipated capex spend, you can get some ballparks to know if worth offering.

Have you asked the seller (or their agent) to provide a video of the apartments?  That is something that can easily be done, and not spook the tenants.  It would also give you (the buyer) an idea of the interior conditions, allowing you to make a more accurate offer.  Just my thoughts as a real estate broker/ investor.  Good luck :)