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View all Local Real Estate forums. I'm reading a REI book and it is talking about verifying the income on a property before making a purchase. This seems obvious but how this is done more specifically and what coinmama verification of rental property a seller from inflating numbers, and how can you independently verify current rent rates and occupancy?
Is this a buyer beware type of situation, or are sellers contractually bound not to inflate their numbers? Not to state the obvious but why not just asked the seller to show you the leases and proof of the rents being deposited for the last 3 to 6 months? Beyond that it is YOUR responsibility to know the local rental market and current rents being asked for units of similar size and condition. Where I am invested out of state, I have local property managers I work with closely who can give me that information so I can run my numbers before making an offer.
So you think leases and bank statements are the most important documents to get access to? Thanks for the answer, I appreciate it! But frankly it will probably work to your benefit of they did. As far as I know, people don't typically over report their income haha. The seller should provide this upon request and it should be part of your due diligence. At least that way you've double-checked with each tenant and confirmed that they acknowledge their lease terms. Well, you could request to see the tax returns associated with the rentals property, take a look at the comps and make sure the property you're looking at makes sense, coinmama verification of rental property probably an estoppel from the tenants.
I don't believe there is any contractual obligation for them to not inflate them but they can't lie about them. What a seller reports to the IRS is none of my business, if they want to cheat the government, that is their own issue to deal with. My only concern as a buyer is the rents the seller is advertising are verifiable. I do like the estoppel letter idea coinmama verification of rental property Jeff Copeland points out.
Although as a seller I would not provide that until after the property was under contract; conversely as a buyer I would make furnishing of an estoppel letter a contingency for the sale. Amit Kal you're probably right on most accounts, but I want expand a little on what I said earlier. What I like about the tax statement is that it should have expenses and income in there. And you're right that coinmama verification of rental property lie to the IRS, but if they do, it probably helps the buyer.
Probably under reporting the income or exaggerating the expenses. In either scenario, it makes the property look less valuable and gives the buyer negotiation power. I like the estoppel letter also. However, I would look to either have it signed by the tenant in my presence OR have it notarized I have experience in this and having the tenant sign it in my presence saved my butt on one occasion.
Sellers do some crooked ish in some markets. Just to get a property sold. I don't think you will get anywhere with saying to a seller "well coinmama verification of rental property you lied to the IRS, I think I should get a discount on the property.
That might work if it's a SFH or duplex. But to try and do that at any larger scale would be madness when trying to coordinate with X amount of tenants. One thing I recently did was have one months rent put in escrow by the seller which would be released as I received the rents from the tenants. The amount of positive cashflow doesn't matter to you. It does to me. Or it will confirm what the seller claims in the first place.
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Properties For Sale Buy and sell real estate deals or seek out partners, financing, etc. Get the book now. Real Estate Books Shop books covering real estate investing and personal finance. Log In Sign up. Hey guys, I'm reading a REI book and it is talking about verifying the income on a property before making a purchase.
Originally posted by Ibrahim Hughes: Originally posted by Amit Kal: Free eBook from BiggerPockets! Download the eBook Now. Log in Sign up. Log in Email Password Forgot password?
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