Hi, I am looking to buy my first investment property and need advice on what questions should I ask the listing agent.
First let me give you background information on the property,
Bedrooms- 4, Bathroom- 2, Build- 1994, is listed as a condo. The location of the property is near a college and the setup is very similar to college apartments. The property is currently tenant occupied.
Questions I was thinking of asking where:
1. What is the rent on the property currently?
2. What are the average utility costs, and who typically pays them (tenant/owner)?
3. Why is the seller selling the property?
4. How long is the lease for the current tenants?
5. Is the property managed by a property manager or the owner currently? I wanted to ask this as apartment structure property tend to be managed by a single property manger for the specific location.
6. How many months in a year is the condo vacant?
7. What is the current tax on the property?
8. What is the property's current condition?Are there any known issues or necessary repairs? Are there any recent upgrades or repairs?
I know the HOA cost.
Please let me know if I am missing any other important questions I should be asking.
Also property is listed for $115,000. Looking at the condo around that location the price is around $100,000 to $120,000. How do I know if this is a good deal or not?
I live a hour away from the property so, would that mean it would be too long far to manage the property myself?
I know I have toon of questions and still missing toon more questions I should be asking so all the guidance will be much appreciate.
I am very new to this and if you any recommendation on books that teaches you about being a landlord work, I would apricate it. I am dwelling on how to scan future tenants and what to have in my lease agreement and more.
