Existing Leases in an Apartment Building

[Matthew Newcomer]

Hey BP community.  I'm doing my due diligence on a 9-unit building in Baltimore, MD and one of the items we asked for from the listing agent is the current leases for the tenants living in the building today.  He replied that this is something typically given AFTER an offer is accepted, which is just about the biggest pile of BS I can think of.  Wanted to get your thoughts on whether or not I'm off base.

We did also ask for 1 year of rent rolls and expenses and they only gave us April 2017.  Not much to work with but we can see how much rent they're charging for each unit on the rent roll and who is behind on rent.  That's a start but not really the full picture that we asked for.  

Any thoughts?  Thanks!

[Michael Noto]

@Matthew Newcomer Written leases are typically provided upon request during the due diligence/inspection period after the property is under contract. That is not abnormal at all. Think about it, if you were the seller would you give written leases to any random dude who requested them?

On the other hand it is typical for them to give you some kind of pro forma which details the income and expenses for the property. From the pro forma you should be able to determine if a deal meets your rough criteria or not and take it from there.