MLS listings lacking needed information

[Timothy Swenton]

When looking into a potential multifamily properties, I've noticed lots of Information is not there. Seems many properties on the MLS in my area do not give nearly enough information for me to do a good calculation. I love the BP calculator it makes my time more efficient, however with not much information in the listing and also my lack of experience, guessing for values etc is not very promising. What should I ask for? I can do the basic numbers but again they're just guesses on similar market values and rents etc... For me to feel comfortable buying a property I'd really like to see the sellers full expense and income reports. Is that something I can ask for without being too forward? And man pictures are horrible! Does anyone own a smart phone in my area lol! Thanks!

[Mike Dymski]

Ah, reality is setting in.  Many of these properties are not priorities for agents, some do not understand them and others don't have to put in much work and they sell anyway.  You can get the key items yourself with a decent amount of precision (market rent, vacancy, management fee, taxes, insurance) and can take a stab at repairs, cap ex and other stuff.  Repairs and cap ex are an involved discussion...search BP posts.  You can definitely request P&Ls and rent rolls (and leases and other items once you have the property under contract).  Ask away...hearing "no" is not the end of the world.  Certainly can get rents.  Be prepared for limited information though as many owners don't keep good records or won't provide them.  Over time, analysis that used to take days can take minutes.

Limited or missing information and bad pictures = profit for experienced investors because it can limit the buyer pool (i.e. case in point here).  Stick with it...it gets easier.  Good luck and keep us posted.