I was in my office one day, when a real estate investor called me on the phone. He said, “Garry, I just had one of my tenants move out – and they took the refrigerator with them! They said it was theirs.” Uh oh.
They took the refrigerator!
I immediately called the seller, who explained that those particular tenants had previously sold their home, and so they had brought their own refrigerator with them. He had simply forgotten, and there was no mention of it in the lease.
“Garry, I just put the fridge that was in their apartment into storage, and used it the next time one of my other ones broke down.” The seller delivered a replacement-refrigerator, which was included in the sale of the apartments, and everyone was happy.
If we had asked the seller, prior to closing, if he owned his appliances, it might have prompted his memory and helped us to avoid all of the hassle. Attached is a checklist that has some of the questions you can ask an owner prior to writing a contract. What questions do you ask before buying apartments?
There are more questions to ask!
32 Questions to Ask When Buying Apartments is by no means an exhaustive one that includes everything you need to discover before making a purchase, but it will get you started. In places like Manahattan and San Fransisco, there are a host of additional questions that need to be asked regarding rent protection that limits what you can charge in rent and how quickly you can raise rental rates. It is important to contact attorneys, brokers, and property managers who are familiar with the particular city in which you are making your purchase.
Questions, questions, questions! Keep asking questions to make an informed purchase.
What questions do you ask when buying apartments?