Being an area expert is crucial to buying investment-grade properties!
When you sound like an expert you will be treated as such.
Here are the top questions to sprinkle into conversations with real estate agents to gather the information you need to get a deal done successfully!
Questions of due diligence to the agent
- What will it rent for? – When does the lease end? Can we get vacant possession?
- Are there any things that need any work (i appreciate it’s an old property but if there is work to do) – What would you do/How can I add value to boost the rent/price?
- I always like to run my leases through agents I have good relationships with, do you run a rent roll and would you take this on?
- Is it in a flood zone, Fire?
- Any easements?
- Any encumbrances?
- Is the seller ready to sell today if an offer came in at the right level, would they be willing to sell?
- Have you sold anything similar to this? How does it stack up? What is the closest comparable sale to this one?
- What will buy this property today?
- Can we get Early access?
- What are the ideal settlement terms for the vendor? – Short long ect? Rent back? Is the vendor keen for a quick sale?
- What is the highest offer that has been rejected so far?
- What is the process after we submit an offer/ After the open? When are you closing offers? (Critical to understand!)
