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Updated almost 7 years ago,
14 Unit townhome complex conundrum
Driving for dollars I found a 14 unit townhome complex with a for rent sign. I call the owner, asked if they would sell, they said they are ready to retire so yes! They stated their starting price; as I asked for financials they sent me their tax returns I asked if they have anything more specific to each unit and etc. They said they’ve never kept books on the stuff, they have these units and other units’ rents all getting paid into the same account so “we wouldn’t really be able to tell you what is performing at what rate or what vacancy we have at which complex because it’s two separate complexes”. Would I be able to dissect their tax returns which is all they have and knowing what the rents are find out how well these units are performing or is talking to their CPA going to help me in any way?(they offered me some time to go sit with him and meet with him and discuss it?)This is an older couple and they don’t really want to do much by way of providing the information.
This would be my first actual investment and would love to get some partners involved but all I have as of right now is a lead