buying a investment house?

Question

Our land lord is selling our house that we rent I want to know from other investors out there. When you go and look at a house that you may be buying to rent out. 1: Do you stay for long or have a quick look around.2: Also if somebody is already living in that house renting do you ask if they would stay on. if you did not like the house. 3 if the renter said they would but would like some work be done. just new carpets and paint. To bring it up to standard would you carry out this work while they were in the house. Or would you rather find you own renters. If the renters that are already there have a good reputation. And come recomanded by the real estates.

sorry you are not understanding me I don't care if the next buy is an investor they are welcome to this dump what I want to know is if your buying a house that you will not be living in do your look longer then you would if you were buying the house to rent out or would you be in and out in like about 5 mins

Answer 1

1. I have a look around the neighborhood so that I can get a sense of the value of the hosue vis-a-vis the neighboring houses. It gives you a feel of whether you are paying for value or over-bidding.
2. If somebody is living in the house, then you should check if their is a lease contract to back you up. If non, then I guess you should negotiate with the tenant.
3. If they want improvements, then you should increase your lease rates as well to compensate you for the increase in costs.

Answer 2

Investors usually want to pick their own tenants. The existing tenants often feel like they have special rights because they were there first. If a tenant tells a prospective new owner they want paint and new carpet, they'll probably be on their way out shortly. That stuff is reserved for enticing a new tenant. Sorry, that's just the way it is.