I am looking to purchase apartment buildings so I have called a few selling agents. The one I talked with sent me a property setup sheet. I then asked her for more detailed expense reports so I could get the real numbers so I could submit an offer. She told me that the information that was on the property setup sheet was all she had. Was she just trying to hide the expense reports from me? Don’t you need these to make accurate offers? Mike
yes indeed,
Unless you’re paying cash for the deal, you won’t find a lender that will fund a purchase unless a dscr can be determined (debt servicing ratio)
By state law, she has to have that info to report for income tax purposes etc.
In order to even be considered for a loan, a rent roll and expense report would be required at a minimum.
Generally, as a requirement in the sales contract, they have to provide that information.
Jeff
She’s probably telling the truth, so tell her to go get them!!! Be sure you tell her to give you the YTD P&L and current rent roll, not the pro formas. Happy hunting!!!