Things to think about and questions to ask when making an offer to purchase property:
For your first offer price, make it simple and clearly stated offer that doesn’t have to be read by an attorney.
Will anything be included that can be negotiated, furniture or amenities that aren’t permanent?
Outstanding rents – rent arrearages. As the new buyer you don’t want to end up having to pay to go after a renter who’s behind by a number of months. Know the status of all of your tenants.
Whose insurance covers the property in the exchange between owners, if there’s any damage to the property or fire, earthquake or flood?
You’ll need access to the property before it closes to show it to potential tenants or to make repairs.
Condition of the property must be in the same state when you take over.
Inspect all units, don't skip. Many times you’ll only gain access to a few units but before purchase, see all of the units.
