I am pretty new to this, but I have a possible deal I am working on. It is a multi-family property (manufactured homes), and I need some advice on what a general list of questions would be? I have already asked rents, year the manufactured homes were built, size of units. But I think I need to ask some more detailed quesitons.
The number ONE question to answer is how motivated is the seller.
All I look at first is the price per foot and the times gross or cap rate. If I smell a deal I will want to know more details unit size, occupancy, condition of the property, existing financing, will the owner finance if he has any equity.
After you get the deal tied up then start investigating the expenses close up and personal as well as the income from the units. Also inspect the units and find out about the construction and the condition. Were they built to code. Are they on wheels or were they built in panels and erected. I owned a 4 plex that was set in place in one day off 4 trucks. Check the plumbimg real close. The water lines were plastic on this property but were the screw together type. You do not want any thing with the old crimp lines where the tubes were squeezed together with a small metal ring. Check for copper wire in the electrical also. If these tings were built really cheap and poor quailty you may need to have your hands full. How about the walls are they thin paneling or sheetrock.
There are still tons of questions to ask at this stage more than I can think of for now.
It is often hard to think and talk at the same time. You are smart to put together a list like this to help you before speaking with the seller again