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Updated almost 8 years ago on . Most recent reply

Account Closed
  • Real Estate Agent
  • Ashburn, VA
1
Votes |
12
Posts

Pro-forma vs actual numbers. Where to find them?

Account Closed
  • Real Estate Agent
  • Ashburn, VA
Posted

Hi everyone. I am a newb to the BP community and searching for a little advice. My partner and I are currently analyzing several multifamily rental deals in the Pittsburgh area. We have gathered much of the data needed, but my major concern is obtaining the real rental history of a property and not just running numbers based off the pro-forma data from the MLS.

So, my question: What is the proper way to approach the selling agent when seeking this information? Can we obtain this information before making an offer? Should we just knock on the doors and ask the tenants themselves? Should we write a letter of intent and state that we must have proof of renter history or should we include that as a contingency when submitting an offer? 

Any advice would be much appreciated? Thanks so much!

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Michael Le
  • Developer
  • Houston, TX
1,363
Votes |
1,635
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Michael Le
  • Developer
  • Houston, TX
Replied

If the listing broker is not providing T12 and rent roll until you make an offer, walk away. They're likely more mom and pop than the owners are and who knows what kind of crap advice they are providing the sellers.

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