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Updated almost 13 years ago,
6plex under contract. What documentation should I ask from owner?
Hello BP,
Yesterday 1/12/12, I got a 6plex under contract in southern California. Four 2bd+1 and Two 1+1. Owner is financing with me putting 30% down. Building is currently fully occupied. What documentation should I ask from the seller. I will be buying and holding the property.
My current list is:
1. Rent roll for 2009, 2010, and 2011.
2. Who is paying utilities? If owner then I need copies of the 3 past bills.
3. Copy of leases. Is everyone current?
4. Copies of bank statements showing regular rent deposits.
5. Who is managing the company currently?
What am I missing? This will be my largest building and I could really use any input not just on paperwork, but what are some deal killers/red flags for you.
Thanks,
Andrew