All Forum Posts by: Kenny L.

I have a 4plex in contract now and we are trying to verify all the income and expenses. The buildings held in an LLC and we've been asking for the schedule e but the sellers told us "We don't file a separate tax for the company. It's an addendum to our personal tax."

They've sent us all the lease agreements and P&L from their management company. Is there something fishy going on I should look out for?

Thanks!

Hi Bruce,

Thanks, good to know this is common practice. Are these basically 1 page brief bio/summaries? Would you have any tips that would help in reassuring the sellers? I do not have any multifamily experience but I am serious about the property. I have the necessary funds for a 25% down payment and I've spoke to local lenders and financing shouldn't be an issue. 

I've been a SFH investor for a few years now but don't have any multi-family experience. I've been trying to soak up as much knowledge as possible to start my path into investing in apartments. I found a listing on loopnet for an 8 unit building and I've scheduled to take a tour of the building.

The owner is asking if he could see a profile of me. What exactly should I provide in this profile? Is this normal? I've never been asked to provide anything for just a showing before. 

Thanks!

@Mindy Jensen, there was a family tragedy that happened at their current home that's being rented. The family just wants a fresh start as soon as possible. I've talked to the tenants previous two landlords and they had nothing but good things to say. 

The listing agent is a friend of the tenant and thought this would be the perfect location for them. Thanks for looking out!

Appreciate the input! I'll see if I can work something out with the current owner, if not we'll just wait til after closing.

Hi,

I'm currently scheduled to close on a rental property at the end of September. The listing agent has found me a tenant that loves the home and would like to sign a lease as soon possible. I've down a credit, background check as well as contacted her previous landlords. 

Can I legally sign and accept a deposit for a property if I don't own it yet? They are looking to move in as soon as possible and I would love to have a lease signed before closing.

Thanks!