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Updated about 8 years ago,

User Stats

65
Posts
15
Votes
Steve Burt
  • Consulting
  • Fort Worth, TX
15
Votes |
65
Posts

Due Diligence

Steve Burt
  • Consulting
  • Fort Worth, TX
Posted

I recently came across a deal on Redfin for a multifamily and reached out to the agent.  I asked them for

1) Rent rolls and agreements 

2) Historical costs and maintenance expenses 

3) Additional pictures of the property (only one exterior photo was provided) 

The agent wrote back and said that none of these were available and the seller would only tour after a serious offer, but the tenants had lived in the fourplex for 10 years (probably bs). They also did give me the charged rent and it was probably half of what the market is charging now (though with no pictures the place could be a dive)

 Is this a common experience when dealing with Redfin and/or purchasing rental properties? The math at the average rent for the zip and the asking price looked pretty attractive but I am put off by such a closed lip owner.

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