New Investor Question
I'm in the search and submit LOI stage of my investment business. I've always been told that you need 3 years P&amp;L to make any kind of offer on a property. However, when I'm looking through these brokerage sites I'm systematically only getting one year. And the brokers aren't wanting to give any more. This has happened enough times that I'm starting to think I'm missing something here. Is this a brokers way of getting an LOI before the actual negotiation starts or something else?
[{"id": "fdk0d7c", "text": "Getting only 1 year P&amp;L is very common. You\u2019ll get the 3-years of history during the contract phase. \n\nWhat type of property are you buying?", "replies": [{"id": "fdk13id", "text": "Mobile Home Parks", "replies": [], "depth": 2}, {"id": "fdk8u0r", "text": "but once he's in that phase, and sees something in the 3-yr history that he doesn't like, can he still back out?", "replies": [{"id": "fdk9at6", "text": "Typically contracts specify a diligence period during which the buyer can back out for any reason, usually buyers have to put up a deposit at the beginning of diligence, sometimes this deposit is \u201csoft\u201d (meaning refundable if the buyer doesn\u2019t like the property) or \u201chard\u201d which is non-refundable. \n\nI almost always go into contract with a soft deposit - some people will put non-refundable money day 1, but that\u2019s not my MO. If the buyer isn\u2019t giving you all of the information you need to feel comfortable prior to signing a contract offer up a soft deposit and receive that info in contract.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fdk2opu", "text": "1 year is common. It isn't in the best interest of the seller to disclose all their info and the brokers responsibility is to do what is best for their client. They'll need to see you're serious and capable before they let you have a look under the hood.", "replies": [], "depth": 1}, {"id": "fdk5m7m", "text": "Thank you for the answers. I appreciate it", "replies": [], "depth": 1}]