Need some help buying 4 plex please, thank you!

[Robert Del Rosario]

Hello, I'd first like to thank everyone for their support again, thank you! I'm looking for a little more guidance in my purchase just to make sure I'm on the right track. I have a 4 plex under contract for $140k right now in Las Vegas ...

Yr: 1983
GOI: 2848/mo
NOI: 1424/mo (50%)

-400 (my profit)
1024/mo left for P&I

I plan on using a private lender to buy and then refinance for long term. My private lender is willing to finance 90% of appraised price which 100% of the purchase price.

I'm in a 7 day due diligence phase and want to know what I should be asking for about the property again. I believe each unit has separate utility meters, I'll verify that later today. Any Thoughts, Ideas, Quandaries, and/or Advice is greatly appreciated, thanks!

[Account Closed]

i don't trust a lot of people, and anyone can forge a lease. call me nosy but i wanna see tax returns or copies of checks (any bank can do this), some proof that he's been collecting rent. if he gets it in cash, see if he's been claiming on his taxes. make sure you get the security deposits. also, think about the closing date when buying multifamily. if you close towards the end of the month, say on the 25, he owes you 5 days of rent. if you close at the beginning, on the 2nd, he owes you 28 days of rent. that could significantly reduce the amount you have to bring to closing. check te neighborhood. lots of for rent signs is bad bc you'l have trouble filling the vacancies. if he'll allow, i'd want to talk to the tenants as well, to see if they'll bring up any repairs that the owner has ignored. good luck!!