Expert: Hans Weber, Licensed Broker Associate - 12/30/2004

Question
Hello Hans,

I am moving up from renting my single family home to purchasing a 4-plex for rental purposes.

I want to make sure I ask all of the right questions as I am getting close to making an offer.  Would you happen to have a list of key questions that I should be sure to get answered?

Thanks for any help you can provide.

Dave

Answer
HI Dave,

Thank you for the question.

Will you be living in the 4plex?  That will make a difference in your mortgage rate.

You will want to know the rent roll, ask for copies of the leases and a list of the expenses and check the taxes at the town assessor's office.  While at town hall check to property card for all certificates of occupancy and be sure the town has it registered as a 4 family.

Then if you come to an agreement on price with the owner you should have and engineering and termite inspection.

After that you should know all there is to know and can make a final decision.

Good luck.

Hans