1. How long have you been managing property in this area?
2. What are the vacancy rate fluctuations in a ten year cycle?
3. What are the typical drops in rent when the market softens up?
4. Are you willing to provide monthly statements for the property to include all income sources, itemized expenses and receipts for repairs?
5. Are you willing to send digital pictures of the condition of property you are managing every 6 months to include interior and exterior of the building?
6. Do you have any tenants and clients I can talk to as references?
7. What is your criteria for good tenant applicants?
8. What charges do you have for evictions?
9. Do you have a lawyer on retainer to help you with evictions?
Those are just a few basic questions to ask.
If you are serious enough about investing in real estate, out of state or no, I recommend taking the real estate work shop class that lisa vander gives. She does a good job of helping real estate newbies go into real estate and shows you how real estate actually makes money. She actually does anticipate down markets and tells you what to do during those markets. She also has the network that you can access (without charge) and can help you get in touch with people who can find you properties. Anyways, I highly recommend her. If I had taken her classes earlier, I would’ve have made as many boneheaded mistakes as I have made. You can go to http://www.pacblueinvestments.com and see what they can offer you.
