Pulling data on rent roll / revenue and expenses reports
What's the typical process of obtaining rent roll reports for Industrial and Multi-Family properties? Are there any data providers out there that can get those for a property? Looking to get this data fairly quickly for several properties.
[{"id": "htmlm4s", "text": "Reach out to the broker if they\u2019re for sale. They usually provide them", "replies": [{"id": "htmlz6d", "text": "Any idea where the brokers get that data from?", "replies": [{"id": "htmmcg6", "text": "The owners/management of the property", "replies": [], "depth": 3}, {"id": "htmmvz7", "text": "They get it from ownership. \n\nBrokers though have a decent idea of what expenses should be though and should be able to tell you if it seems right or smells like something is off.\n\nFor example, I estimate expenses for owner user clients looking to buy to build a budget. I pull public data when possible like tax bills", "replies": [{"id": "htmnobw", "text": "where do you access tax bills of a property from?", "replies": [{"id": "htmnut4", "text": "county website", "replies": [], "depth": 5}, {"id": "htn13ay", "text": "What is it you are trying to accomplish? I can help point you in the right directions, but the answers are above. True  current numbers come from estoppels. Are you trying to acquire these buildings for yourself? DM me and I can help you, with over 21 years in real estate acquisition", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "htod4yv", "text": "Broker data tends to be  idealized pro forma that deviates from actual operations. They will use 3% management fee on small properties that might not be able to get a decent management company for less than 4% they will pull out turn over expenses on apartments and claim they are 1 time cap ex items.\nThey get their data from the owner on property listings. Appraisers are a slightly better source since they get to look at the many properties operating statements they keep for reference when using expense comps for other properties.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "htmlx4o", "text": "Accurate numbers come from the owner.", "replies": [{"id": "htmv28w", "text": "From the owner\u2019s *bank account, tax returns, AND signed tenant estoppels.", "replies": [{"id": "htmy0dt", "text": "\u261d\ufe0f", "replies": [], "depth": 3}, {"id": "htob0o1", "text": "Especially this! Lots of bogus rent rolls and pro forma income statements that don't tie to actual collections and tax returns.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "htmq4pl", "text": "That\u2019s usually confidential info that brokers get from property owner. You\u2019ll usually have to sign an NDA. Sometimes the broker will send it to you without one if you have a relationship &amp; the owner is ok with it", "replies": [], "depth": 1}, {"id": "htmsx37", "text": "I can tell you a little secret on how I find the data, if the owner can't provide it or if I don't trust their numbers.\n\nGo to Costar and look for buildings that have a loan. They will report their expenses. Look for a building that have the same age and similar rents in your market. Some variable cost you can quote if you want to be more granular. In my market, I calculate property tax by getting the millage rate and applied it to 80% of the current market price.", "replies": [{"id": "htmxdj3", "text": "In my experience costar was never very accurate. Remember garbage in, garbage out and costar doesn\u2019t verify opex data. Depending on our mood we used to tell property managers to make it up one way or another.", "replies": [{"id": "htmxsva", "text": "This data they get directly from CMBS loan reports.and yes, you can use Costar to get an idea of OPEX if you know what and where to look for.", "replies": [], "depth": 3}, {"id": "htmxwvn", "text": "The good news is the new expense data in Costar comes from REMIC/CMBS sources so it\u2019s pretty close to accurate. Unless the owner is a crook, of course.", "replies": [], "depth": 3}], "depth": 2}, {"id": "htphj1i", "text": "Just be careful as they've added a new 'feature' to the Financial tab - Market Averages.  So check the upper left hand corner to be sure it is actuals and not 'Market Average'.  (Yay CoStar for making something that is both simple and easy, unnecessarily complicated. Job security, check!)", "replies": [{"id": "htra16v", "text": "Oh yes, they did that new \"feature\" which is useless. That is why I look for properties with CMBS loans.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "htryce7", "text": "Anyone ever just ask for a copy of their most recent Schedule E?", "replies": [], "depth": 1}]