What info should I expect from a seller on a 4plex?
Hi all,
I have a 4plex I would like to put an offer on. It is a square box with mirror image 2/1 units. The owner has provided a half page of financials. It tells me the rent roll, insurance, utilities and taxes. I feel there should be more information, but I am unsure what to ask for. Cap rate for the area is tough to pin down (CA) - and the numbers the agents throw out are laughable. Seller is a developer that is looking for cash on a large project. He did a 1031 and bought several properties in January 2015. This is also why there isn't any info.
Advice would be greatly appreciated as well as what books to read.
Since this is in CA so there isn't a lot of wiggle room. I need to get it right.
Thanks!
Anne