Do the numbers work?

When buying an investment property you need to make sure your income will cover your expenses. Simple concept to think about but if the numbers don't work on paper you already are behind before you start. Make sure you account for all the expenses. Current rents not projected rents. Utilities, taxes, fees, maintenance (monthly and future repairs and asset replacement). Don't forget wages ad outside labor costs. Don't skip the preliminary review of all information you can find on a property before you purchase it. Preview it, research the public records (registry of deeds, field cards and city/town permits and files on the property for all departments: water, building, housing enforcement, permits, ceritifcates),rent roll (rents by unit, types, copies, housing court review of owners and tenants names), Check the address out on line and with past articles inlocal papers, with the town or city neighborhood/landlord association and neighborhood patrol officer if the property or area has a "history" you need to know about. Fair Housing laws prohibit steering buyers. I always recommend driving to the area your interested in at night and on weekends and see if your comfortable getting in or out of your car as this is a good prepurchase must do as you will be required to do this in an emergency at all hours of the day or night unless you have a property manager that will do this on every call. If you don't like the area or how the numbers add up move on to another area you do.