If I am buying an investment property, what sort of contingencies should I ask for when making an offer?

Question

Of course I will need a mortgage contingency and a provision for inspecting the house etc. What others could you think of?

Answer 1

Dont forget contingent upon the appraisal . Property must appraise and pass review at the purchase price you negotiated for the contract to be valid. I would also have them pay 6% seller concession towards your closing costs. In this market you should be able to get 6% minimum 3%. Good luck!!!

Answer 2

Above the basic obvious which you seem to be covering. If you're buying a new-build property request a Due Diligence report via your Realtor. More common in Europe but the best Realtor's will either have prepared one in advance or, at least know how to investigate the issues and then prepare.

Rental income; are you seeking short-term tenants (less than 6 months) or long-term (typically 12 month contracts)? This will be horses for courses but there aree numerous sources available to you. When checking out property managers or booking agents, always ask for contact info for 5 satisfied owners. Or, ask your local Realtor for advice / information on sources, etc.

Good luck.

Answer 3

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Answer 4

First of all, you need a Realtor, secondly almost everything mentioned by the people above is standard in a purchasing contract. Get a Realtor.

Answer 5

inspections, pest inspection, roof!, i would get a good structural inspection, and then a WDO or pest inspection!


also consider when making an offer to have seller pay seller consessions
this can save you a bundle and most lenders will allow up to 6% of the pruchase price!

Answer 6

Your Realtor could advise you better, based on where you are purchasing and the surrounding neighborhoods etc. But otherwise it sounds like you've covered the bases.

Answer 7

please ask in the landlording websites ... your request is too serious for the people here, who mostly know zip all about investing and investment property

google will help you find the landlording sites