Lease agreement (big) discrepancies

[Richard Keiger]

I have a fourplex under contract. (Yes, I am a newbie...). 100% tenant occupied. Seller reported all long term unexpired leases and gross annual income $44,280. I received the lease agreements. Two are expired. Rent amounts are all different than reported, but not much less. Gross annual income reported on their Schedule E is $6,864 (Not a small difference!). I'm going to speak with the tenants today to find out what I can. 

Can anyone give me advice on how to proceed? 

Thanks in advance :-)

[Mary M.]

Original leases will have the rent amount from when the lease was signed. If the owner has increased the rent over time the rent $ will be different today than when lease was signed. 

As for a rent roll. Ask for a trailing 12 month P&L....ask for copies of all bills for the last few months. Ask for copies of any vendor contracts.  You should be able to tie everything back. 

Make sure you send out estoppels to the tenants once you  are in contract.  

Dont panic yet :)