Is A Tenant Ledger Necessary For Due Diligence Purposes

[Eric Grunfeld]

Good Morning:

I am currently making an offer on an apartment building (this is my first rodeo) and one of the items (for due diligence purposes) that we seek from the seller (current landlord) is their tenant ledger.

There broker is telling us that the seller does not have one (never produced one while owning/managing the property).

How then can I view what monies have gone out and have gone into the property? Is there a way to produce one within a short period of time? Is this a deal breaker if one is not generated? Thoughts?

I look forward to your comments.

All the best,

Eric