what is it officially called when you want the income/cash flow history of a multi unit rental property?

Question

we are new at real estate investing and don't want to sound dumb. lol

Answer 1

Do you mean something like a Rent Roll? Also, maybe you might want to look at the Profit & Loss, and maybe a Balance Sheet.

-ANgela
http://www.ratraceclub.com

Answer 2

Louiegirl is right on the mark! But dont just ask 4 the rent roll reports. Ask for the month end reports all of them! This shows extensive history rents, occupancy, deposits, vacancies, balances outstanding not only on current renters, but on previous renters who have outstanding debt. Ask also for end of year financial reports. Very important, there is so much to take into account, such as average cost per unit, example turnover cost, maintenance of units and property expenses etc. etc. Also never ever get into a purchase of a property without doing a due dillagence 1st. This is where u and a team of people u trust in the industry walk the entire property, u ck all exterior, all interior on vacant units and occupied, property will notify residents of this walk thru, u r looking for how old is carpet, appliances, condition of patios etc. U walk all boiler rooms ck for how old equipment is etc. ck pools and spas, ck all foundations, exterior paint, parking lot etc. etc. This is so important u will know up front what to expect in future expenses. Rentroll is far from the whole story!p.s. u also will ck all heating and air units, r they on roof or ground roof is alot more time consuming for repairs or replacement causing a higher cost. U SEE U MUST CK ALL!! This is serious business, also if u see residents during ur due dilligence talk to them, they can be very informative to u. Best of luck, have a prosperous New Year!

Answer 3

you are NOT dumb!!!

ask for the current rent roll, which will show you the names of tenants, what they pay, and lease expiration dates. ask if all tenants had the same information in the past 12 months. if not, ask for a 12-month period rent roll. from that you will get a vacancy factor. you then plug your vacancy factor into your calculator that you can find on many real estate sites on the net.

if the owner has had the property many years, you can ask to see prior 12-month (annual) rent rolls, but know that capital improvements and/or repairs may have upped occupancy after a vacancy. also know that if the neighborhood is getting chic chic, then you will see higher rents and more steady occupancy.

cash flow MUST take vacancy into consideration, but of course, current income is just that.

Answer 4

Income and Expense Report. Email me if you wish more info.
Good Luck

Answer 5

the rent roll