Posted by Dave on March 05, 2001 at 17:34:52:
Jim,
You may have a good property there. Before you make an offer, get some comps on sales and also on rents. If you are thinking of renting the garages, make sure the city will allow that. If so, see what they might rent for and the demand, if any.
Have your broker ask to talk with the seller to learn how motivated he is and why , and Also to see how competent the listing broker is in creative finance.
Good luck!
Dave Mckee
1st deal - Posted by Jim
Posted by Jim on March 05, 2001 at 15:06:19:
I am working on a multi family that has 6 units. This property also has a 6 bay detached garage with 2250 sq ft of additional storage space.
The property has been on the market for almost 3 years and according to 1 tenant the landlord is never around.
I was attracted to it because of the potential of the garage. I was pleasantly suprised with the condition of the rental units and the fact it has been on market for 3 years.
I am working on “Ed’s” 19 questions. I am trying to figure out how to approach the owner? Do I take off 20,30,40 percent off listing price? I am going to want the seller to hold paper. At this time I am using a buyer’s broker.
My plan is for the long haul and to accumulate. My credit is very good. Not much in the saved column.
Thanks in advance. jim