Updated almost 7 years ago on . Most recent reply
Small multifamily due diligence question
Hello, I'm a first time investor and I have a 6-plex under contract.
What would you do in this situation?
I have nearly all my contingencies met by the motivated sellers. However, I am wanting to see actual proof of the rental income for the four occupied units. So far, they have provided me three years' P/L from the property manager, the current leases, and a "rent roll" that just showed the names of the tenants, and their lease rent rate. The seller's agent says "everyone is paying their full rent, they are legally bound to because they signed the lease."
Should I be looking for more proof of full rents being paid beyond these provided items? Or would you be satisfied for what has I have in hand.
Thanks a lot!
