Hello,
This may be a little off topic, but I was hoping some potential property owners might have some feedback.
I am currently renting a home that I would like to own. I am trying to think of the best way to approach the owner with an offer. The property is managed by a property management company. I could go through them or I could contact the owner directly. Unfortunately rents are on the rise as are property values… so I am most likely the owner will be reluctant to accept an offer. I think my only hope would be if the timing is right and the owner just happens to need money
I own two rental units myself… and I think the only offer I would accept is one way over its current value.
I thought I would just put the question out there to see if anyone has had success in such a situation or if any existing rental owners sole their units… how were they convinced to accept an offer.
People sell for more reasons than just profit. Fire out that low-ball and see what happens. You never know. I informal offered a guy 30k for something he has over 60k invested in. He balked. I waited a month and offered again. He now sounds like he is almost ready to bail.
Stop thinking the seller thinks like you do. Find a way to get in touch and get to know the situation. Rather than make an offer right off the bat, just let the owner know you would like to buy the place.
I would start by going direct. Otherwise the agent could shift the balance if the present contract does not already spell out a commission for a sale. Even if there is a clause for a sale, the owner could agree with you to pull the management agreement at the end and then do a deal when there is no future need to pay a commission. It will come down to what is in the existing contract between the owner and the agent.
Most of the peoples sell for some strong reasons like if they seem to selling there is profit than he is willing to do. You must talk directly about this and if he would to sell then you can easily make a deal with his.
Hello, I think, you have the answers by this time. Just to add and for the others also , I agree with purchasing a house instead of renting. It is just like a rent to own house. I encourage those who are renting and has the capacity to purchase their apartment or condo to directly negotiate with the owner and make a deal or offer. Who knows the owner has the same idea that you have.
I made an offer on a triplex which is fully occupied. I am intending to occupy one of the apartments once on of the leases is up in October.
I will be financing it as owner occupied.
I am going to acquire another property in the meantime.
Will I be able to finance the other one as owner occupied? Because I might change my mind about living in the first property right?
First of all you have to think of an strong reason to tell them. Secondly, I agree with Daniel, you can directly talk with them and make a direct deal.
I also think it will be better to contact the property owner directly and express your interest in purchasing the house. It is not always easy to convince them, so you may have to come up with a creative and compelling argument as to why making the sale would be in their best interest. *