What all do you need to do other than
-Title Research
-Comps
-Estimating Repairs
-Property Taxes, Ins. & Mortgage Info
?
Thanks!
Hi Aznewbie,
You also want to know the current market trend. Is it heating up, is it cooling down? Are there any major changes in the area, i.e., has a major employer gone out of the area which will likely start a downward trend? Has a major employer come into the area which will increase demand?
What is your tenant pool like? All can be dealt with but very different skills are needed for different tenant pools (i.e. is the property located near Microsoft or are they in an area where Section 8 predominates). I ask about ‘tenant pool’ for a couple of reasons. 1) You may decide that you want to hold the property for some reason (usually profit oriented); and 2) You may end up having to hold a property for a period, especially if a market is cooling, and you’ll need to be ready to shift to that if necessary to make the mortgage and other payments.
Good luck!
Cate
Thanks Cate for your reply. Does anyone else have any more advice?
Thanks!
Hi,
I have a few more items to check .
Neighborhood crime search, Flood Zone search, Hazardous
waste search ( make sure this was not a former drug lab)
and don’t forget to check for any code violations.
It always helps to check out the seller if you think somethings
up. At least do a google seach on them.
Have a great new year!
Good info to know:
Sex Offenders in the immediate area http://www.mapsexoffenders.com/
…and pay the money to get a professional inspection by a licensed inspector – get a referral for a good one
Keith
Great info Gainvestor and Keith. I’ve added the sex offender link to my favorites for my business (property management) . . . very useful.
Hey Keith, I love your signature . . . well put.
Cate
We have a few folks that take exception to it…but, I feel that I am allowed opinions, too…but, apparently (at least according to their way of thinking) only they are allowed to be opinionated.
Keith
Thank you everyone, great advice!
Wow you all came up with some great Ideas and places to check for information.
I just want to add that in the current Arizona market you have to be careful with what the rents are for the areas. I run reports for all of my clients that show the current avg rents along with an estimate of how long it will take to rent if it is vacant. Unless you are putting a large downpayment down you have to be worried about Cashflow.
I am very honest with my clients as I view their Investment’s as mine in a way. I won’t let them buy something that I won’t buy myself. I think this is the reason why I have so many repeat clients. I also try to focus on finding my clients with Tenants already in place, which means cashflow for them at closing.
If you ever have any questions please feel free to email me.