The seller may claim that the property’s tax bill is $1,500 per year, but how would you know for sure if you don’t investigate?
10 Seller Documents You May Need to Review When Buying a Rental 1.
If you find inconsistencies between the numbers they provided and the numbers on the tax returns, you’ll want to dig further into this.
After all, a lease goes with the property, so that lease between the seller and their tenant will become the lease between you and the tenant.
You don’t want to discover after you buy the property that they had a 20-year lease for $1 per month!
Current Rent Roll The rent roll is a list of all current tenants, their rental amount, and other information (such as move-in date and lease term length).
Current Year’s Tax Bill Be sure to verify that the tax amount you ran your numbers with is the actual tax bill.
Recent Utility Bills Utilities are a major expense with real estate, so verify that the numbers you used for your math homework are accurate.
This document explains all the things you can and cannot do according to the HOA.
I simply could not list every possible document!