Sara Witt, Selling Lifestyles Through Real Estate (Renee Kunkler Realty)

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Rainmaker
680,154
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Estoppels signed by each tenant before closing can take place.

Address how deposits will be transferred.

Review of Property Management agreements and rental agreements.

Review of all maintenance records.

Also, property owner if they have professional management needs to authorize in writing for PM co to cooperate with any documentation and access to the property within reason.

Property managers either will bend over backwards trying to keep the account or they'll be very uncooperative.

Get them under control at the beginning.

Apr 26, 2019 10:33 AM
Rainmaker
4,868,180
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I'd need to see the existing rental agreements to comment on the future status of the tenants, if they are tenant at will....

Apr 26, 2019 09:38 AM
Rainmaker
732,609
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Ask for the rent rolls,  leases, security deposit info.

Apr 26, 2019 09:49 AM
Rainmaker
392,708
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Your MF P&S agreements and/or addenda should have that covered for you.

Our boilerplate requires the seller to turn over copies of quite a bit of paperwork - copies of leases, 2 years of rent rolls, P&L, all service/vender agreements/contracts, all accounting, move in move out check lists etc etc and the sale is subject to the buyer's review and approval of all the above.

Check with your MLS or Designated Broker.

Apr 26, 2019 10:19 AM
Rainmaker
2,972,851
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hard to say, as one would need to kow what the existing lease terms say.

Apr 26, 2019 09:49 AM
Rainmaker
1,504,867
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

copies of leases from owner, security deposits.

Apr 26, 2019 09:41 AM
Rainmaker
1,277,384
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

The Code Of Ethics addresses the issues of protecting the best interest of the client (Article 1) and Providing clients with competent services within a Realtors® professional scope (Article 11).   If you have to ask this question, I think you need to refer that client out and accept a referral fee.  

Apr 26, 2019 02:55 PM
Rainmaker
4,311,768
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Candice A. Donofrio gave you the definitive answer.  Good luck to you with this purchase. A

Apr 26, 2019 12:57 PM
Rainmaker
3,166,179
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

copies of leases, verification of rent payments for last 3 months, estoppel leters from all tenants,  security deposit information, income and expense statement for the pevious 12 months and list of personal property to convey!

Apr 26, 2019 12:08 PM
Rainmaker
1,563,520
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

You have a lot of good answers here but I really think Candice A. Donofrio covers it well. 

Apr 26, 2019 10:52 AM
Rainmaker
442,536
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Great Question.  I believe Candice A. Donofrio covered the Answer very well!

Apr 26, 2019 03:56 PM
Rainmaker
5,263,469
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You need to see the leases and to learn about any collection issues.

Apr 26, 2019 02:57 PM
Ambassador
1,611,213
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Make sure that security deposits are transferred at closing. Also reserve funds are typical for leasing compoanies and you want those to.

Apr 26, 2019 02:33 PM
Rainmaker
1,210,729
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

The rent rolls and existing cap rate should already be disclosed as well as the expiration of the leases.  Maintenance records should be available before even writing the offer.  I'd stipulate in the contract that security deposits need to transfer with the title of the property (should already be in the purchase contract, but never hurts to re-state it) and that the seller shall cooperate with the new owner by notifying the tenants of the sale and where to direct all new rents and should forward any misdirected rents.

Apr 26, 2019 01:38 PM
Rainmaker
984,178
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Tenants would like to stay. Rental history records including lease agreement are to be provided after acceptance of the offer.

   

Apr 26, 2019 01:03 PM
Ambassador
2,178,044
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Complete rental history. For a more detailed answer Candice A. Donofrio has got it going on. #LunasLight

Apr 26, 2019 12:56 PM
Rainmaker
982,624
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

All of the current leases and financials are imperaitive. The utilities breakdown is a must along with management expenses and fees. Not all people are cut out to be landlords so be sure they know what they're getting in for with age of the roof, appliances and mechanical systems along with permits, plumbing & electrial systems inspected. It's all fun & games until repairs start slapping you in the face. Good luck Sara! 

Apr 26, 2019 12:15 PM
Rainer
409,543
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I would ask for all leases, deposits and rent receipts.  Also the ability to see or inspect all  units.

Apr 26, 2019 11:23 AM
Ambassador
4,054,746
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Do your due diligence, examine the leases, applications, inventory, and financials.

We also have a state form that goes with the offer on these.  Best to consult with or partner with an agent in your firm who is experienced in these matters.

Apr 26, 2019 11:06 AM
Rainer
222,016
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Leases may not mean much, I would ask for Schedule E, or 8825 - which ever matches the vesting of the subject property. Name, email and phone numbers of tenants. Access to all units with cooperation. vendor agreements, deposits, and perhaps more

Apr 26, 2019 10:28 AM
Rainmaker
2,423,766
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Proof of rent and deposits paid plus supporting evidence is a good start. There is a gold-mine of data to be had when the units are inspected by talking with the tenants. Since all repairs are deductible and the IRS requires you keep hard-supporting back-up I would want copies of all work done or claimed...There is more to know but you will learn as you put this together

Apr 26, 2019 10:26 AM
Rainmaker
597,316
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

 I wouldn't make an offer until buyer knows exactly what they're purchasing.  We would want to see rent roll, existing leases, operating expenes  (taxes, insurance, water, utilities)

Apr 26, 2019 10:23 AM
Rainmaker
1,024,102
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Candice A. Donofrio is giving you great information Sara.....

Apr 26, 2019 05:04 PM
Rainmaker
382,577
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

You would need to review lease agreements and have these transferred along with the security deposit to your buyer at closing.  In Oregon, you can no longer evict for no cause, so your buyer would have to be willing to take the existing tenants, assuming there are no for-cause eviction issues.

Apr 26, 2019 10:57 AM
Rainmaker
910,872
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Candice A. Donofrio provided you with the answers I'd be echoing.

Apr 27, 2019 06:55 PM
Rainmaker
525,189
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Estoppel from each tenant. 

Some sellers lie.

Some listing agents don't want to know the truth.

The estoppel statement will shed light on the lies.

Apr 26, 2019 06:56 PM
Rainmaker
1,024,327
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

Yes, tenant estopel letter signed by landlord -seller and tenant for each unit.

Jun 03, 2019 05:35 AM
Rainmaker
4,019,878
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Candice has you covered.

May 13, 2019 12:28 PM
Rainmaker
3,064,876
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Copy of all leases.

 

May 01, 2019 04:28 PM
Rainmaker
650,626
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

 Sara, I think you need to seek guidance from your broker rather that gather information from across the nation.

Apr 29, 2019 06:05 PM
Ambassador
2,849,658
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

my best advice is if this is your first time then get your broker to assist.  You want everything in that should be and markets are different and states are different with different best practices.

Apr 28, 2019 02:27 PM
Rainmaker
743,252
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Too many variables many of which a real estate agent is not entitled to know.

So, my advise is "Let the attorneys handle it."

Apr 28, 2019 06:13 AM
Rainer
2,340
Diane Braden
facebook - Baxley, GA
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Apr 28, 2019 12:05 AM
Rainer
1,215
Raj Anand
Addressofchoice Realty Pvt. Ltd. - Alachua, FL
Raj Anand has been crafting quality writing
Apr 27, 2019 11:47 PM
Rainer
2,901
Abby Jessime
WHao - Avon, NY
Good at negotiate price

Check all maintenance records

Check property management agreements and rental agreements

Copies of leases, verification of rent payments for last 3 months maybe needed

Apr 27, 2019 08:50 PM
Rainmaker
2,763,264
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

A laundry list.  I would consult with your broker to ensure you have all bases covered. 

Apr 27, 2019 12:08 PM
Rainmaker
2,941,290
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I would include a request for rental contracts/leases. Actual bills for expenses and a list of currentpayments to see if anyone was behind or in eviction

Apr 27, 2019 05:57 AM
Rainmaker
489,947
Steven Nickens
Elite Pacific Properties Maui - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii

Rental history.

Apr 26, 2019 10:47 PM
Ambassador
3,042,373
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

To abide by local landlord tenant ordinances...

Apr 26, 2019 08:09 PM