Multifamily question

[Mason V.]

when contacting a seller, what information do I request from them? Thus far I know I need the propertie's rent history for 5 years, but what else do I need that can only be gotten from the seller?

[James Kobzeff]

Hi Mason, Ask for the rental agreements, list of operating expenses, and with your offer ask to see the seller's Schedule E income tax form. Be sure to also make an offer contingent upon your satisfaction of an interior inspection of all units, pest and dry rot, roof, financing and so forth. Also, be sure to conduct a CMA and run the numbers on the desired property to know that the cap rate and/or price per unit is comparable based upon the location, condition, age, and so on.