Sep 8, 2026 · 47 min · 11 segments
Shoebox Operations & Sleeping Landlords: How to Profit From Multi-Family Chaos | REI 101 Ep. 66What happens when a seller can't tell you their NOI, sends you 12 separate utility bills, and points you…
just like two minutes ago she's like put on her makeup it's the first time she's worn makeup in a week so good good job so to give you a hard time so um i want to tell y'all about one of the many many many deals that we're looking at this i found this portfolio and this is a pretty common theme and anna you can probably speak into this i know albert you can too um want to send pictures they want to tell me how nice the property is they even tell me that it's bringing in thousands and thousands of dollars in short-term vacation rental income none of that gives me the information that i need to evaluate this deal and what the banks are need they needing noi net operating income so you know what she responds with a very long email with dozens of attachments and links to Dropbox and links to Google Drive.
There were plenty of photos, which is great.
I mean, photos are important.
So I can see like the rental income coming in-ish.
I don't think it was showing everything.
but it certainly wasn't organized by like it, like it wasn't organized by month.
Like I couldn't go to April and say, okay, what was your total revenue in the month of April? I couldn't do that.
Um, I needed expenses.
And so she sent utility bills.
So 12, I think it was 12 units.
She sent 12 different utility bills, uh, for electric, for plumbing, like all this stuff.
And I'm like, you don't know the answer to my question do you you want me to you know do you need me to co-list this with you is that what you're saying like are you seeing that honor
mean what is your perspective like how do you how does that make you feel
You know, if you're not, if you don't know the financials and you don't, you haven't taken the time to make it easy for other agents to just go through and be able to see the expenses, the NOI and everything, then yeah, you're just, I mean, I would, I would want to know as an owner that my, you know, my agent isn't doing their job.
Um, well, Yeah, I 100% agree.
I don't know if these owners know.
Go ahead.
Austin, this is why us as investors or lenders complain about commissions.
Because of the situation you're describing.
It's totally justified.
That's a completely legit complaint.
just like two minutes ago she's like put on her makeup it's the first time she's worn makeup in a week so good good job so to give you a hard time so um i want to tell y'all about one of the many many many deals that we're looking at this i found this portfolio and this is a pretty common theme and anna you can probably speak into this i know albert you can too um want to send pictures they want to tell me how nice the property is they even tell me that it's bringing in thousands and thousands of dollars in short-term vacation rental income none of that gives me the information that i need to evaluate this deal and what the banks are need they needing noi net operating income so you know what she responds with a very long email with dozens of attachments and links to Dropbox and links to Google Drive.
There were plenty of photos, which is great.
I mean, photos are important.
So I can see like the rental income coming in-ish.
I don't think it was showing everything.
but it certainly wasn't organized by like it, like it wasn't organized by month.
Like I couldn't go to April and say, okay, what was your total revenue in the month of April? I couldn't do that.
Um, I needed expenses.
And so she sent utility bills.
So 12, I think it was 12 units.
She sent 12 different utility bills, uh, for electric, for plumbing, like all this stuff.
And I'm like, you don't know the answer to my question do you you want me to you know do you need me to co-list this with you is that what you're saying like are you seeing that honor
mean what is your perspective like how do you how does that make you feel
You know, if you're not, if you don't know the financials and you don't, you haven't taken the time to make it easy for other agents to just go through and be able to see the expenses, the NOI and everything, then yeah, you're just, I mean, I would, I would want to know as an owner that my, you know, my agent isn't doing their job.
Um, well, Yeah, I 100% agree.
I don't know if these owners know.
Go ahead.
Austin, this is why us as investors or lenders complain about commissions.
Because of the situation you're describing.
It's totally justified.
That's a completely legit complaint.
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