Getting T-12 and rent roll from seller

[Account Closed]

Hello all,

So I've got an interested seller for 16 units I'm trying to acquire. He's given me his last 3 years financials (as reported to the IRS), but I haven't been able to get the T-12 or rent roll. We've only been talking for a week and I've still got my PM giving me his thoughts, but I don't want to push too hard at the outset.

Have you ever ran into this situation? Do you ever make offers without all this info? If so, how do you adjust for unknowns? If not, how do you approach this without pestering a good lead away? How long does your typical pre-negotiation stage last?

I think he's motivated, especially with some of the units likely being student renters. I just don't want to turn a warm lead into no lead, ya feel?

Thanks,

DK

[Joseph Gozlan]

Small owners are notorious for being "shoe-box owners" which means when you ask for their financials you get a shoe box full of receipts :-D

Realistically, you don't need anything from the owner except the current rent roll. Your PM should be able to help fill the rest of the numbers in your underwriting.