1. Understand what you are doing! You are purchasing this as in investment generally to make money. Do your research – make sure the property meets all of your expectations. 2. Can you afford to purchase? Do you have enough money for the down payment, property insurance, future repairs and the closing attorney? If not, you probably should not be looking any further. 3. Know your new tenants! Before the closing, review the leases, the rent rolls and the tenant ledgers. Make sure you have contact information and also the applications that have their social security number and important emergency information (in case you need to trace them down the road for collections). O
Owen Ahearn's Blog
I am a national expert legal witness who regularly writes about many topics including: Reasonable Standards of Care, Premises Liability, Property Management, Real Estate Management, Residential Management, Commercial Management, Vacation Management, Property Maintenance, Real Estate Management, Management Neglect, Maintenance Neglect, Condominium Associations, Home Owner Associations, Public Housing, Public Housing Maintenance, Public Housing Management, Snow Management, Ice Management, Snow Removal, Smoke Detectors, Carbon Monoxide Detectors, Security Cameras, Security Systems, Board of Health Issues, Bed Bugs, Exterminations, Fires, Floods, Burst Pipes, Slips and Falls, Walkways, Decks, Railings, Parking Lots, Parking Lots Maintenance, Covid19, Corona Virus and other topics.