How to get small multifamily income/expense info for analysis

[Kim Dillaway]

When trying to initially analyze small multifamily properties (2 to 4 units) listed on the MLS in different markets, can one reach out directly to the seller's agent to get basic rent roll, expenses, and recent CAPEX improvement information to do an initial analysis of the numbers and asking price? Or would I need to go through my own buyer's agent, in each market, to get that info?

[Sean McKee]

@Kim Dillaway- You can certainly have your agent reach out for this kind of information. However depending on types of properties you are buying, the seller might not have all that information readily available. I purchased distressed buildings with so much deferred maintenance that I wouldn't trust any data they provide me. I'll take whatever information they provided with a grain of salt and then use my pro-forma data to make the offer price. I'll also check with the local building department for any permits issued, sometimes you need to submit a FOIA request. During the due diligence phase you can verify your original assessment.