what info can i expect from listing agent

4 Replies

I am a newbie REI and starting to analyze more and more deals. I finally found a 4 Plex with promise through a local wholesaler. Without getting into a debate about whether to use a wholesaler or not, what information (in general) should I be able to ask of the listing agent? For example, this place is half rented so I'd at least want to know the current rent rates and probably even the past years revenue. What else would you as for before trying to figure it out on your own or draw up some assumptions? thx BP community!

@Jeremy Cortese This house is listed? Generally, but not always, a wholesaler that is trying to sell you a house that is on the MLS is not a very good wholesaler. And if they don't have the information that you would ask of the listing realtor, they are definitely not a good wholesaler.

Since your question is so broad, I'll ask you a broad question.  What makes you think it is a good deal?

Jeremy,

The answer is all over the map. Some owners treat their investment as business, have a proper set of books in an accounting system and can produce reports / information on demand. Others are shall we say 'more lax' and you are lucky if you can get a current rent roll much less real historical stuff (e.g. utilities, maintenance, etc.).

With individual smaller properties, you many times have long term holders, sometimes decades, who just did what they wanted to and never worried about 'all that stuff'.

It always astounds me when a Seller is not willing to do the 'work' necessary to get the highest and best price for their property. For example, I just recently reviewed a mixed use (retail / office) property where other then a list of tenants and some pictures, there was nothing available. The owner is a construction company so you would think that they could / would generate some floor layouts, a proper income and expense statement, etc. Nope, Nada, Nyet, Nothing.

I understand a frustrated owner not wanting to do it but then they are going to get lower offers to compensate for the lack of information just like at an auction... Buyer beware, At your own risk, AS IS WHERE IS

Oren

Apologies for the confusion... The property is NOT on the MLS and I will be dealing directly with the wholesaler. I was trying to get a general answers whether the property to be from a realtor or wholesaler.

I called them already and they had nothing by way of rent role or revenue figures but said they would find out and get back to me.  I suppose thats a start!

Thanks for the insights guys.