Updated about 11 years ago on . Most recent reply
- Real Estate Agent
- Bowling Green KY ~ Lexington, KY
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Confirming Rent Prices
I am looking to pick up my first duplex. Both sides are currently rented out and I was told the rent was the following.
Unit A) 850/month
Unit B) 800/month
However, this seems high to me based on the area. Not saying it is not possible, but my first impression is something like the following. ($100 difference)
Unit A) 800/month
Unit B) 750/month
My question is how do I "confirm" what the rent actually is? I don't want to just take their word for it. Can I ask to see the rental contracts or past rental prices? Place does look like it may have been renovated recently so that might explain for a bit higher rent.
- James Wilcox
Most Popular Reply
You can also ask for copies of cancelled checks/bank statements. They can deny your request, but you can ask.
I recently heard a story of someone that purchased a property from a bank ordered auction. The PM that was running the properties turned over the "leases" then went MIA when it came time to turn over the security deposits.
Seems all the leases that were called "Executed" were forged or frauds. Made up. They didn't match leases held by the tenants or by rental organizations such as Section 8. So be sure to do as Mark says and see if the tenants will share their leases, and if they match what the owner is giving you.
All a part of your due diligence.