This is Our 1st Multifamily Investment and we want to be extra careful.

My wife and I are purchasing our first multifamily investment property in New York, and I’m trying to understand whether our current experience is normal.

We had our offer accepted and are currently under contract. However, our due-diligence deadline is approaching, and we still haven’t received basic information such as:

* Current rent roll
* Copies of tenant leases
* Tenant payment history
* Security deposit information
* Outstanding tenant balances
* Property operating expenses and utility information

I asked our realtor about getting these documents, and he responded that they normally don’t obtain rent roll information until further into the deal. He mentioned that he had already asked our attorney to request it.

My question is: Is this actually standard practice when purchasing multifamily properties?

I understand that certain documents may not be provided until an offer is accepted, but shouldn’t these documents be obtained early enough in due diligence for the buyer to properly evaluate the investment?

I’m particularly concerned about potentially reaching the end of our due-diligence period without having verified the property’s actual income and expenses.

I’d also appreciate feedback on whether this is something that reflects poorly on our realtor’s handling of the transaction, or whether I’m expecting too much.

We’re first-time multifamily investors, and I want to establish a good relationship with an agent who understands investment properties. I’m wondering whether I should consider finding a different realtor for future purchases.

I’d appreciate hearing from experienced multifamily investors, particularly those familiar with New York transactions.