Due diligence question

[Lisa DuFaux]

As a Realtor and investor for decades, I tend to think I know it all :) There's an 11 unit situation that I am very interested in but the listing agent isn't providing much info except an email that lists the rent amounts. How do I dig deeper without alienating him?

[Nathan Gesner]

Originally posted by @Lisa DuFaux:

As a Realtor and investor for decades, I tend to think I know it all :) There's an 11 unit situation that I am very interested in but the listing agent isn't providing much info except an email that lists the rent amounts. How do I dig deeper without alienating him?

Make an offer contingent on inspection and a review of all financials, leases, and other pertinent documents. Get it under contract, then they'll have to provide you with everything and give you time to review. Make sure your offer is clear that you can void the contract if you find something wrong, like low rent rates, condition of the property, or you just don't like the neighborhood.

I know some investors will make an offer sight unseen with a huge earnest money deposit (e.g. $50,000) but make their offer contingent on an in-person walk-through within 72 hours or a review of the financials within seven days. Be creative and smoke them out!