Is it rude to ask a broker how much an apartment for sale currently rents for? I am using comps in the area but just wondering is it taboo to just ask them directly how much the units are going for right now?
Rude? It's a must to ask this question. Not only that but also ask for detailed 24 month operations statement with all incomes and expenses itemized. As for rents, ask for what each unit rents, when the lease expires, if a tenant was ever late or has an unpaid balance. Having tenants' names is also important. You may be able to check if they appear in any public registries such as a list of sex offenders.
i understand ide want all that once im "serious" but its not rude to ask when im just windowshopping?
I don't think it would be rude at all to ask, sure wont hurt anything. Chances are they wont give you all the details without you providing proof of funds as to not waste their time, but then again you never know...until you ASK!
Ok thank you, i just wanted to make sure i was not committing unspoken tules of dealin with brokers
Caleb, do yourself a huge favor. Go to Marcus and Millichap website, search for a property, and ask them for an offering memorandum. You will have to sign a nondisclosure agreement but they won't ask you for proof of funding. That memorandum will contain a lot of details and you may use it as a reference for what to ask other brokers.
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!