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Updated over 7 years ago on . Most recent reply

User Stats

524
Posts
145
Votes
Gulliver R.
  • Rental Property Investor
  • Seattle, WA
145
Votes |
524
Posts

Lack of financial documentation in DD

Gulliver R.
  • Rental Property Investor
  • Seattle, WA
Posted
Would you buy a park that lacks proof of rental income coming into the bank (i.e. Lack and inconsistent bank statements, deposit slips, and tax statements)? Seller is ma and pop and didn't document every month (has some months of rental income documented but not much). He's the type that would just take the cash for rent once in a while. FYI there is no mortgage on the property. I mentioned seller financing and he is semi-open to it. Is this a deal breaker?

Most Popular Reply

User Stats

6
Posts
4
Votes
Nyasha C.
  • Fort Worth, TX
4
Votes |
6
Posts
Nyasha C.
  • Fort Worth, TX
Replied

Get an affidavit with signatures  acknowledging monthly rent feom the tenants.

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