Just a few suggestions: Get a copy of the lease the current tenants are using. If it is month to month or expired, have your own lease for them to sign. Conduct a walkthrough with a checklist of any damages. Get serial numbers from or mark all appliances. (I had a tenant take all of mine before.) Ask them what they would like to see changed with the property. If you are going to raise the rent let them know why up front. Do something simple to help justify the rent increase. (Paint, new carpet, new appliance, etc.) Keep it professional and best of luck! You will get lots of suggestions on this site....use what you can and throw away the rest!
When I see a tenant during inspection I just ask them "What do you NOT like about this place?" It might be silly or superficial input or might be deal-breaker info. From that feedback you can drill down with the tenant to the real problems that exist by asking successive deductive questions.
I would also ask the tenant if they have seen maintenance/construction people doing work recently, the former owner might have tried to do a quick fix on a deeper problem that exist. If the tenant gives good info then you can tell the inspector to investigate the problem with you right then and there.[ Edited by d_random on Date 11/19/2006 ]
The seller typically must disclose material defects in the property. When the inspector notes weaknesses, ask him how much he think it would cost to fix.
The inspector I used cost a bit more, but he gave me a detailed report including pictures and estimates to repair. It also included suspected water damaged areas, as well as how out of level the house was (I have since had that repaired, but it helped me negotiate the price down).
subject to is just a way to get out of the contract before closing, it is just an escape for you if the inspection turns up something bad, better to pay 3-4 hundred for inspection than 100k for bad property.
Just a few suggestions: Get a copy of the lease the current tenants are using. If it is month to month or expired, have your own lease for them to sign. Conduct a walkthrough with a checklist of any damages. Get serial numbers from or mark all appliances. (I had a tenant take all of mine before.) Ask them what they would like to see changed with the property. If you are going to raise the rent let them know why up front. Do something simple to help justify the rent increase. (Paint, new carpet, new appliance, etc.) Keep it professional and best of luck! You will get lots of suggestions on this site....use what you can and throw away the rest!
I own Every Landlords Legal Guide and like it a lot. But I found Property Management for Dummies much easier to read and still very good.
When I see a tenant during inspection I just ask them "What do you NOT like about this place?" It might be silly or superficial input or might be deal-breaker info. From that feedback you can drill down with the tenant to the real problems that exist by asking successive deductive questions.
I would also ask the tenant if they have seen maintenance/construction people doing work recently, the former owner might have tried to do a quick fix on a deeper problem that exist. If the tenant gives good info then you can tell the inspector to investigate the problem with you right then and there.[ Edited by d_random on Date 11/19/2006 ]
Any thoughts on questions that I should ask the inspector?
What about questions that I can ask the seller? What type of information can I ask that the seller provide to me?
The seller typically must disclose material defects in the property. When the inspector notes weaknesses, ask him how much he think it would cost to fix.
The inspector I used cost a bit more, but he gave me a detailed report including pictures and estimates to repair. It also included suspected water damaged areas, as well as how out of level the house was (I have since had that repaired, but it helped me negotiate the price down).
Find someone to buy it.
Can you explain how the "subject to" financing works? How does that give you an out? I thought subject to was using the existing financing.
subject to is just a way to get out of the contract before closing, it is just an escape for you if the inspection turns up something bad, better to pay 3-4 hundred for inspection than 100k for bad property.