Rentals in Merrimack>Question Details

Robert Helmi…, Both Buyer and Seller in Merrimack, NH

How to tell if sellers are padding their rent numbers ? What's the best way to verify these?

Asked by Robert Helminen, Merrimack, NH Sat Oct 16, 2010

Purchasing Multi Family homes

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Answers

6
We ask for bank reciepts on the deposits.
1 vote Thank Flag Link Sat Oct 16, 2010
Robert nothing beat sthe actual rent rold from the current landlord. It will show you exactly what they are paying and who behind if anyone... If the property is vacant than contact a property management company and ask them the going rates in that town.city and neighborhood. If you have a buyer broker assisting you in finding properties, then they can do the research for you.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Oct 17, 2010
Hi Robert,
I agree with what's been said so far.
1) The seller should disclose the current rents being charged if there are tennants currently occupying the property.
2) Rental Rates can be checked by looking at rates currently being charged in Craig's list.
3) It seems reasonable to me that you might make an offer subject to verifying the rental rates being charged.
That could be done by a)asking the tennants or b) having the seller provide copies of lease agreements.
Good Luck!! Rental Property ROCKS!!!
Web Reference: http://SteveMayo.com
0 votes Thank Flag Link Sun Oct 17, 2010
Hi Robert. Due diligence should be completely transparent for any property you buy, whether it's investment, residential or a business.

During that due diligence period, you can ask for anything pertaining to P/L statements. All advice given below is valid. Nobody says you can't ask the tenants, too, just in case you find out someone is living there rent-free in trade for something else.

GOOD LUCK.

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Sun Oct 17, 2010
Hi Robert:

Check on Craigs list as to what are comparable rentals going for.

Call a Property Management company and find out what are Rentals going for.

Ask sellers for copies of checks or leases through your Realtor.

Hope this helps.
Good luck.
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Sat Oct 16, 2010
Hi,

If the owner is using it as an income property, they should be able to share tax return information showing income and expenses. If they own other property as well, this should be broken down by property.

Let me know if I can help further...

Good luck, Lee

______________________________________
Lee P. Johansen
Keller Williams Realty Metropolitan
2 Bedford Farms Dr., Bedford, NH 03110
Cell: 603-315-0739
Fax: 603-628-2246
Office: 603-232-8282
E-Mail: Lee@LeeJohansen.com
http://LeeJohansen.com/
http://leejohan.yourkwagent.com/
Licensed in New Hampshire
______________________________________

OH BY THE WAY
I'm never too busy
for your referrals
______________________________________
0 votes Thank Flag Link Sat Oct 16, 2010
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