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Updated about 6 years ago on . Most recent reply

User Stats

43
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19
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Patrik Kusek
  • Flipper/Rehabber
  • Fairfield, CA
19
Votes |
43
Posts

Advice please: Who is responsible for errors ?

Patrik Kusek
  • Flipper/Rehabber
  • Fairfield, CA
Posted

 I recently purchased a property in Jacksonville Florida.   The transaction had some bumps but we worked things out and closed on time. Later I found the original pro forma provided by the turnkey operator listed the rent at $1105, however upon receiving the current tenants lease it showed a rent of $1005. I based some of my decision based on the financials of the proforma. Who is responsible? Is there anything to do? I’ve left  message with the primary contact but haven’t heard back. 

  • Patrik Kusek
  • Most Popular Reply

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    Michael Plaks
    #1 Tax, SDIRAs & Cost Segregation Contributor
    • Tax Accountant / Enrolled Agent
    • Houston, TX
    6,007
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    Michael Plaks
    #1 Tax, SDIRAs & Cost Segregation Contributor
    • Tax Accountant / Enrolled Agent
    • Houston, TX
    Replied
    Originally posted by @Patrik Kusek:

     I recently purchased a property in Jacksonville Florida.   The transaction had some bumps but we worked things out and closed on time. Later I found the original pro forma provided by the turnkey operator listed the rent at $1105, however upon receiving the current tenants lease it showed a rent of $1005. I based some of my decision based on the financials of the proforma. Who is responsible? Is there anything to do? I’ve left  message with the primary contact but haven’t heard back. 

    Disclaimer: I'm not an attorney, so just a layman's opinion. Proforma is basically a "maybe": it does not guarantee anything and therefore nobody is responsible. 

    Think of it as a profile on a dating site. The person might have those traits and might look like that picture. Or not. Same with proforma.

  • Michael Plaks
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