Tired Landlord... Acquiring the Rental Portfolio
Hi All,
I am looking for some advice on what due diligence I need to perform in the following situation.
I met an older investor that has 47 properties that he's acquired over his career. He's looking to liquidate and move to the beach with his wife, but has said he is open to terms as far as seller financing.
There are 31 SFH , duplex, and mobile homes, and the rest are vacant lots. We signed an agreement to purchase for a price of 950k. Income from his last year showed approx $15,000 per month after taxes and expenses (he owns these free and clear).
What type of information would you request for a situation like this. I haven't dealt much with rentals, but my long term goal was to acquire cashflowing rental properties
Any advice would be greatly appreciated!
Regards,
Luke