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Buying & Selling Real Estate

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Mason V.
  • Investor
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86
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What info do I need from the seller of a 1-4 unit rental property?

Mason V.
  • Investor
Posted Mar 26 2015, 09:18

So far this is the list I have come up with. Is there anything else I need from them?

Tenet history/rental agreements for all units going back preferably 5 years.

Rent rates for all units going back preferably 5 years.

List of repairs and updates, with costs if available, going back preferably 10 years.

Property operating costs preferably going back 10 years.

Reason as to why seller is selling.

Known construction issues that need to be addressed regardless if minor or major.

If property is paid off and, if not, how much is still owed as well as if there are any liens against it.

If seller is on a time table for when they would like to be rid of the property.

I would like to see the sellers schedule E tax form prior to closing.

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