Posted by Jim Kennedy - Houston, TX on December 19, 2002 at 24:09:32:
Hi Travis,
One way is to get estoppel letters from the tenants.
Best of Success!!
Jim Kennedy,
Houston, TX
Verifying Rental Incomes for sale of property - Posted by Travis
Posted by Travis on December 18, 2002 at 21:03:59:
Im lookin at purchasing a small 4 unit apt building.
The previous owner never gave recipts to his tenants when rents were paid. The tenants have been notified that the rents will increase starting Jan 1st. All tenants have agreed to stay and incure the increase. All tenants have been longterm and are on a month to month lease (No lease). The quality of tenants “seem” good. How do I verify the rent roll? What is the proper way to tell if rents are what they are without current leases in place?
It is ok to have the current owner have all his tenants sign a “rent increase” statement?? Will banks need to see this information as well? I am new to the multifamily real estate move…
All advice is welcome!!
T