I have a Park under contract and the Seller has provided just about everything I have requested with the exception of his bank statements to support the rent roll and tax statements.
The seller owns three other parks and deposits everything into one account for all of them and claims getting cancelled checks for 24 months would be unreasonable. I pressed him on the issue and how it could affect the financing and he basically said, “take it or leave it.”
His rent roll is very detailed and shows he has all sorts of management problems and how he writes off debt every 6 months for tenants that get behind, does not assess any late fees, so it does seem like if he was trying to cook the books this would look a lot cleaner on the surface.
The rent roll and taxes match up within a few hundred dollars. I am on the fence. Would you move on or keep going?
Thanks for sharing your experience and thoughts.