Quote from @Cheza M.:
Hi BP community,
I just got under contract and planning to purchase my second turnkey property in ohio from out of state. I’m still very new to all of this and how everything works. But I’ll be reaching out to the seller and I was wondering what questions should I ask the seller before purchasing the property? Also do you negotiate the price if the appraisal comes lower than the sales price? When do you do an inspection? On my first turnkey property, we had a closing coordinator so I didn’t really speak to the seller directly, but this time we don’t have one so I have to communicate directly with the owner.
Hi Cheza, that's exciting! Here are a few tips that come to mind:
Schedule a formal inspection from a local Ohio company asap and let them know you're an out of state buyer and need a lot of pictures to see what you're buying. I would even ask to speak with the inspector, generally they're helpful with describing the condition. Once you have the report, review it to see if the condition matches the sellers verbal description. If there are major issues, that could be a red flag and you may have to reassess the purchase.
Reach out to local Ohio property management companies that service the property type you have under contract and inquire about their services.
If there is a tenant, request a copy of the lease and an estoppal form to verify the rent/security deposit/tenant responsibilities.
Be upfront with the seller about the appraisal situation.
Good luck! Reach out if you want to discuss further, I'm happy to help.
