All Forum Posts by: Shaun Grindle

Does anyone have experience with large 4-bedroom luxury condo rentals? I have a 12-unit multifamily property that I am rehabbing and have the option to make some of the three bedroom units (1800 sq ft) into 4-bedroom units (2300 sq ft) via the attic space. These buildings are like townhomes of sort and will have a small private yard and a shared green space. But worried that the 4-bedroom places may not rent? Not sure someone with the income to rent it wouldn’t just go for a single family home. Properties are located in Joplin, Missouri. I appreciate any thoughts!

Is it normal for the seller of a multi-family property (5 units) to ask me, an investor inquiring about their property, for a Proof of Funds or Pre-approval letter when I am just asking questions like to see the rent roll, losses and profits for the last 3 years and other relevant info to do my due diligence? 

@Marshall M. By delinquency reports do you mean delinquent rent payments and if so wouldn't that be documented in the rent roll? Or might you mean any and all fees assessed because of a lack of adherence to property codes and regulations?

Thanks! Keep the suggestions coming. 

I am wanting to do my due diligence on a 5 unit property (a duplex and a triplex on the same property) all of which are filled with tenants. I am wondering if people have suggestions for good questions to ask the seller other than the current rent rates and the lease agreements of the current tenants. Any thoughts? Any suggestions would be welcome.