Multifamily Financials

[Andy Xu]

Hi everyone, my wife and I have recently submitted an offer for a 11 unit student building near Temple university in Philadelphia. As part of the diligence process we've requested that the seller share backup (receipts, bank statements, etc) that validate the annualized expenses we were shown prior to placing our bid. However the seller and management company he is working with have said that they do not have this level of detail around costs. Because this will be our first investment we don't know if what we've asked for is unreasonable or if the seller and the mgmt co aren't being as transparent as they could be. Has anyone else run into a similar situation? Would greatly appreciate any insights from the pro's that have made these kinds of investments in the past. Thanks!