Out-Of-State Investors Check List of Questions
The following lists of questions are suggested questions to ask before you plan to purchase residential real estate outside of your neighborhood.
It's probably best to speak with at least three licensed real estate sales professionals and three property managers in the area. During each interview, you'll want to learn as much as you can about that area's real estate sales market and rental market. At the same time, you'll want to ask the right questions to determine if that professional will meet your needs, requirements and standards.
Here are some basic questions to ask the real estate agents:
1. What areas do you cover?
2. How long have you been in the business?
3. How do you work with investors? Walk me through the process.
4. What types of properties do you specialize in?
5. Do you have any investments of your own?
6. What type of housing do you recommend for investors- single family, multi-family? Etc.
7. What kind of market are you experiencing? What kind of market have you experienced over the last five years? Ask for CMA reports. (Comparative Market Analysis) describing price changes, list price to sales price ratios, inventory changes, etc.
8. What kind of industry and jobs are in the area? Where located? What are best areas for rentals, why?
9. Could you give me a summary of the expected closing costs out in your area?
10. Would you provide me with references?
11. Do you have a property manager that you would recommend?
After talking with at least three agents, contact at least three property managers. Make sure you ask the following:
Regarding the Market:
1. What is the rental market like? For single family? For multi family? What is the vacancy rate? What kind of people rent single family homes versus multi-units?
2. What are best areas for rentals?
3. Where can I read about landlord and tenant rights in your area?
4. What types of amenities will tenants pay extra for? Garages? Indoor laundry? etc.
5. What kind of maintenance and other costs should I expect? Can you provide me with a sample cost sheet?
6. According to the state and local laws, are there any times when you are required to have an on-site property manager?
7. Is there rent control in your area? Do you see it coming?
8. What new developments are coming to your area?
Regarding Your Services:
1. What areas do you cover?
2. What do you charge? What fees should we expect?
3. Who pays for advertising? You or me?
4. What will you do if rent isn't paid on time?
5. How often do you do inspections? Do you drive by? Take photos?
6. How do you qualify tenants?
7. How often do I receive reports/statements from you? Would you give us an example?
8. What rental agreement do you use?
9. What do you do to keep up-to-date on landlord/tenant rights?
10. Have you ever had to evict anyone?
11. If we need an eviction, do you perform the eviction, or do you hire an eviction service?
12. How do you handle repairs?
13. How many properties/units do you manage?
14. Do you own any rentals?
15. Are you full-time property manager? Do you do real estate sales, too? Are you licensed?
16. What happens when you go on vacation? Who handles the property management?
17. How do you market (advertise) your rentals?
18. What is the vacancy rate on the properties you manage?
19. Who do you use for repairs? Do you have a team of handymen and contractors? Are they all licensed? How did you choose them?
20. Would you provide us with referrals- current owners, and former owners you once worked with?
21. Do you have a real estate agent you would recommend?
Once you have gone through this process, then you are ready to visit the area. Be true to yourself and honest with the professionals that you choose to work with. Choose to work with one real estate agent exclusively. You'll get the best service that way; and if you've been diligent in your interviews, then you should feel comfortable with the professional that you've chosen.
Neda Dabestani-Ryba is a licensed Realtor in Maryland. She is a member of the President's Circle of Top Real Estate Professionals. She can be reached at (800) 536-3806 or visit her website for more information: http://neda.dabestani.pcragent.com/
Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Latest News
Xinhua | Microsoft's Ballmer to CES: keep investing in tech despite ... Scientific American - Las Vegas , NEV. -- In his first ever CES keynote, Microsoft CEO Steve Ballmer yesterday acknowledged the tough economic times, but urged companies not to ... Microsoft: the year ahead Microsoft releases Windows Server 2008 R2 beta Windows 7 beta available worldwide on Friday |
![]() Wealth Bulletin | How to avoid a Madoff fund San Francisco Chronicle, USA - Feeder-funds (hedge funds or funds that do all their investing through another fund) and funds-of- funds sold investment services to individuals, ... Fund-of-Hedge Funds Lacked Technology to Avoid Madoff Losses D Bank declined offers to invest with Madoff |
![]() Express from The Washington Post | The Best Investment Values in a Decade Motley Fool - These days, we're presented with what Ron Muhlenkamp a few months ago called "the best investment values we've seen in a decade." Obviously, the market has ... You Are About to Make a Bad Investment The Flight to Safety Could Burn You Wednesday's Biggest Stock Stars |
![]() Dividend.com | Billionaire investor places next supermarket bet MarketWatch - Yucaipa's investment funds have been aggressive buyers of Whole Foods shares since Nov. 24, spending a net $98 million to amass the stake. ... Activist shareholder buys 7 percent stake in Whole Foods Billionaire investor Burkle bets on Whole Foods |
Thomas, McNerney & Partners Promotes Three Members of Its ... PR Newswire (press release), NY - Thomas, McNerney & Partners is a health care venture capital firm with approximately $600 million under management, focused on investing in life science and ... |
Markets Media News | Uma Thurman No Help to Arpad Busson in Madoff Fraud’s Nightmare Bloomberg - In mid-December, EIM disclosed it was one of at least a dozen funds of funds caught up in the massive alleged fraud perpetrated by New York investment ... Hedge funds' year is worst ever, and fall may continue Blackstone To Rationalize Single Manager Hedge Funds Businesses In ... Hedge Funds Meet Their Match |
US investment in IT would create jobs, group says ITworld.com, MA - by Grant Gross A US$30 billion investment by the US government in broadband, health IT and smart energy grids would create or retain nearly a million jobs, ... New ITIF Report Documents How $30 Billion IT Stimulus Package ... $30B IT Stimulus Will Create Almost 1 Million Jobs |
Appleseed Fund Ranked by Lipper as Top Performing Midcap Value ... CNNMoney.com - "Since the Appleseed Fund's inception, we've shown it's possible to outperform the market by investing in companies with strong sustainability records and ... |
Invesco Fund Loss Stirs Investor Fears Wall Street Journal - By DIYA GULLAPALLI 'Stable-value" investment funds have been one of the last havens in employee-retirement accounts. But one, advised by money manager ... |
New T. Rowe Price mutual fund eyes global investment Bizjournals.com, NC - T. Rowe Price Group Inc. is launching a new mutual fund seeking reward amid the risks of global fixed-income investing. The Strategic Income Fund will ... |
Resources
-
No Money Down - Creative Real Estate Investing!
Learn how to control real estate Without credit checks and no money down! You can Buy With No Credit!
-
real estate foreclosures- home69
Proven real estate Investing course specializing in foreclosures and pre-forclosures.
-
Real Estate Investing
How To Start And Run Your Own outrageously Profitable Fixer-Upper Business In As Little As 45 Days, even If You Can
-
Foreclosures - Real Estate Investing - Short Sales.
Learn about foreclosures and real estate Investing techniques like short sales and subject to financing
-
Online Trading for Financial Freedom - stock daytrading strategy.
Stock index trading strategy for beginning and experienced traders alike.
-
Real Estate Investing - Foreclosures
How To Start And Run Your Own outrageously Profitable Fixer-Upper Business In As Little As 45 Days, even If You Can
-
Real Estate Investing Course for Profits in Investing
Real estate Investing course reveals proven real estate Investing strategies using Lease Options and Creative Financing where you can earn big money Investing in real estate with no down and no credit
-
Make money stock trading, day trading, Investing and trading options like the pros!
Turn $200 into $4,630 in 30 days by trading options online from your home PC. Step by step instructions for novices or investment pros. Make money stock trading, day trading, Investing and trading options like the pros!
-
Make real money Investing in real estate by Lou Vukas
Lou Vukas gives you the insider secrets to making real money in real estate regardless of your credit, finances or location at realestatefortunes.com.
-
Real Estate Investing
eBook on Real Estate Investing and Real Estate Marketing


