• A conversation with various contractors that have worked on the property such as plumbers, electricians, HVAC contractors and maintenance man. Under each of the categories above are 6 to 10 questions that you will want answered and documented in your records. For example, under "Financials" • The last two years of financial operating statements • A year to date operating statement • Last six months of bank statements which she will use to match against the rent roll and operating statements • The utility deposit register • Utility bills for the last two years • Property tax bills for the last two years • IRS tax returns and addendum‘s for the last year‘s Another example of questions you will want answered under the subject of Property Information
• What is the physical age of the property? • What is the condition of the property? • Is there adequate parking? • Is there guest parking? • What are the options for laundry for the tenants? • Is there a building wi-fi service? • Does the property have amenities like a pool or clubhouse? • Are there any easements on the property? • Are there any covenants that stay with the land? • Are there any encroachments on the property? • Is the building ADA compliant?
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