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Updated over 6 years ago on . Most recent reply
Ways to verify Rental Income--buying a MultiUnit
Hi All!
I am buying my first Multi-Unit, super excited. One thing I am trying to figure out though is how to properly verify all the tenants are actually...
1. Paying
2. Paying on time
What things should I be asking for from the Seller? Also, any other tips from the experts?
Most Popular Reply
Bjorn Ahlblad
#5 Multi-Family and Apartment Investing Contributor
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#5 Multi-Family and Apartment Investing Contributor
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- Shelton, WA
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Bjorn Ahlblad
#5 Multi-Family and Apartment Investing Contributor
Pro Member
#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
You should ask for and get: Rent roll, leases, statement of income and expenses-last 3 years min-bank statements as mentioned above, list of security deposits for closing, and do a professional inspection.
Would not hurt to verify taxes are UTD and no liens registered.