Confirm the property and the offer
Verify the address, property type, ownership information, proposed price, and transaction structure. Ask which documents and access are available. Understand whether you are buying from the owner or through an assignment and how fees are reflected in the agreement.
Use your own condition assessment
Arrange inspections and obtain estimates for the work your plan requires. Include a contingency for items that cannot be assessed before closing. A seller’s repair estimate is information to evaluate, not a substitute for your own scope and contractor pricing.
Check the operating assumptions
For a rental, verify occupancy, lease terms, rent records, expenses, and local requirements. For a resale, examine comparable sales, the proposed finish level, selling costs, and the schedule. Treat advertised rents and values as estimates until independently supported.
Confirm financing and exit options
Include financing costs, holding expenses, taxes, insurance, and closing costs in your numbers. Ask your lender and professional advisers about the requirements for the property and your plan. A property is not a suitable investment merely because its asking price is below a stated future value.
Discuss buying criteria ↗