buying multi family with no leases

[Joe Seegers]

as anybody came across buying a 8 unit where they listed rents and then i asked for leases they say they do not have any.they have a big property management company managing it.i have not come across this every in buying more then 50 properties. i am thinking going ahead with offer ,but redo my offer and lower it.they were asking 369,000.offered 288,000 and they took it.now am thinking they are trying to hide something.just let me know it somebody as had this happen to them.

[Thomas S.]

All you need is the esstopal letter from each tenant to confirm the major facts. No lease just means they are all on M2M verbal leases. You can non renew any or all as you choose.