I am an agent in Wisconsin and am in the process of trying to gather information for a buyer of mine to buy a 36 unit complex for $1.2mil. The listing agent (in my opinion) is terrible with follow up and doesnt seem to have what we are looking for. She does have the rent rolls and "expenses" (according to the seller), but there is no P&L or CAP information or anything else.
I am very persistent with my questions and follow up and it seems to take a while for her and she is starting to think im a pest!
What are some common things that you seasoned investors look for when dealing with a property this large? Am I out of my bounds for asking for all of this stuff?
What Cap information would you expect from a listing agent?
Cap is going to be your own determination. Many times actual operating statements and official historicals are delivered after and LOI or purchase offer is accepted. Put in there everything that you want to see.
That said. I'd still ask for as much as possible upfront, but if it's a great deal don't lose it just because you're wanting to do too much due diligence prior to having terms in place.
Make your LOI and or purchase offer subject to confirmation of all the numbers that the seller presents. Negotiate accordingly if sellers numbers can't be supported.
Fellow Wisconsinite! By no means are you - nothing against agents but a vast majority of them do not understand investing!
Be great! @Mike Higgins
You must do your "Due Diligence" on the seller. If the agent is not helpful go to the city. Do some estimates, speak to tenants. Ask the city about calls for service (like were there any fires) - lead the due diligence process do not wait. Then, make an offer contingent on what you do not know. The agent has to share that with the owner - and you push harder. In the end - if you can not get what you want. Do not walk away - RUN!