Real Estate Investor · Strawberry Point, IA · Member since 2014 · 54 posts · 18 votes
9y
You will need to ask for the "rent roll" from the owner. My property manager suggests to ask for two years worth. The owner may not want to give you this unless you make an offer, but you can put this in with the contingencies.
Real Estate Investor · Strawberry Point, IA · Member since 2014 · 54 posts · 18 votes
9y
You will need to ask for the "rent roll" from the owner. My property manager suggests to ask for two years worth. The owner may not want to give you this unless you make an offer, but you can put this in with the contingencies.
You will need to ask for the "rent roll" from the owner. My property manager suggests to ask for two years worth. The owner may not want to give you this unless you make an offer, but you can put this in with the contingencies.
Thank you! But how can i know this is an authentic, real and honest rent roll, maybe the owner just made it up for the sale?
Real Estate Investor · Strawberry Point, IA · Member since 2014 · 54 posts · 18 votes
9y
@Mashy Green, I am not sure if there is an authentic way you can know. However, you can also take a look to see how long their leases have been in place. More than likely they will not renew a lease if the tenant is paying.
You are right, a rent roll is not going to show you if tenants pay, only how much they are supposed to pay. You must ask to see bank statements for the last 12 months and match up the deposits on there with the rent roll, and cross check all that with the leases. Do they all match? If not, why?
Atlanta, GA · Member since 2016 · 81 posts · 45 votes
9y
@Chris Eaker Interesting tip. Do you find you get a lot of push back/owners not wanting to provide their bank statements? I would think that the average person probably uses their personal account.
Buy and Hold Investor · Knoxville, TN · Member since 2013 · 450 posts · 270 votes
9y
@Rich V. I'm dealing with multifamily owners who always have a separate bank account. You're right, you may get push back from small time owners, especially those who use their personal bank accounts. Aside from that, I don't know of any other way to verify people actually pay.