"Creative Selling?" - Posted by Brian

Posted by Ronald * Starr(in No CA) on July 13, 2002 at 18:47:13:

Joe Kaiser–(WA)----------------

Thanks for the idea. I like that. Taking pictures to prove “before” condition in case of lawsuits I had heard of. Using them for selling later, that’s a new one to me.

Keep your head dry.

Good InvestingRon Starr****

“Creative Selling?” - Posted by Brian

Posted by Brian on July 12, 2002 at 20:44:20:

I’m selling my 4-plex & 6-plex myself (no realtors) and I have a question. Should I allow potential buyers to view the apartments before I have a purchase agreement with them? My concern is that with so many people interested in seeing the properties, I will constantly be bothering the tenants with strangers walking through their homes.

The way I had bought bigger multi-fams in the past was to sign a purchase agreement based on the numbers alone BUT with a contigency on inspecting the individual units and if I was dissatisfied with them in any way, I could get a recission.

Is this the way to go with these smaller properties?

Thank you,

Brian

Re: “Creative Selling?” - Posted by Brian M. Powers(MI)

Posted by Brian M. Powers(MI) on July 12, 2002 at 20:56:41:

Most multi’s that I come across are sold much in the same way…in order to keep the dreamers out and not wasting your or your tenants time, give them the income figures, let them drive by and put an offer in contingent upon them inspecting the place.

you could also hold weekly 30 minute “walk-through’s” where all who are interestd can go through at the same time and look at the place.

this will minimize the disruption to your tenants and will minimize your time spent showing the place.
BMP

Re: “Creative Selling?” - Posted by JoeKaiser

Posted by JoeKaiser on July 12, 2002 at 21:06:55:

Good tenants are valuable and mucking around with their tenancy is rarely a good thing. It’s good business to minimize their inconvenience. Just knowing your units, their home, is for sale is bad enough. Having to show it to the guy who is going to raise their rent next month is the last thing on their list.

Multi-unit properties are sold contingent on a physical inspection of the building, and only a buyer who has commited to the purchase get’s to take a look.

Some people keep a unit vacant just to be able to show it at any time, with a final inspection of each unit taking place once the deal is in the final stages of closing (some buyers don’t even look at all the units . . . dumb).

I take lots and lots of pictures whenever I get a unit ready-to-go just so I can use them down the road to show any prospective buyers.

Joe

Re: “Creative Selling?” - Posted by Brian

Posted by Brian on July 12, 2002 at 21:00:42:

Thanks Brian!