10 Unit Apartment - Estimate numbers prior to offer or get full financials?

[Greg Martin]

Hi everyone,

I am new to multis that are over 4 units, and it's been quite a lot to learn. I know that I need to get financials as the value is based on NOI, but when do I get the exact financials-during due diligence, or before making an offer? I can estimate a lot of the expenses, and I know what the seller is stating for current rents. Do I verify all of that prior to the offer, or do I make an offer based on the estimate and adjust after during due diligence?

I feel like I've read both ways.  I just want to make sure that I'm not frustrating the agents involved, but I want to make sure that I've done everything properly from my end to evaluate the deal.

Thanks in advance!

Greg