Requiring bank statements ?????

[Drew Leonard]

Trying to get under contract on a 5-unit, and only basic table of rent, expenses has been provided. Seller adamantly opposed to providing bank statements for income/expense verification. Is that a huge red flag? Are folks requiring bank statements to help ensure you’re not buying a property full of late paying/non-paying tenants?

[Cody L.]

Originally posted by @Bill B.:

Don’t worry. Someone else will buy it, just pass. They’ll know what the market rents are and what they’re going to charge even if they have to evict everyone. Leave it to someone that doesn’t care what the current tenants are paying or not paying, especially on 5 units. 

Excellent point. I’m asked how I get such good deals (I guess to the extent I do) and I guess it’s because I’m not asking sellers for tax returns. Word gets to brokers that I’m the “easy” buyer and they push my offer