Posted by TimNY on May 16, 1999 at 22:06:31:
Thanks for the response. I guess now I’ll have to get off the couch and make some calls.
Essential Multi-Unit Info.? - Posted by TimNY
Posted by TimNY on May 16, 1999 at 14:42:19:
All pros/gurus-
What fundamental information is needed to determine whether a multi-unit property is worth buying? Should the first question be “will you provide owner financing?” and move on if they say no or should you get all the particulars while at the same time getting them interested in making the sale and then try and wrangle for owner financing? Thanks.
Have you considered the Underleveraged Rate of Return? - Posted by Joe Kaiser
Posted by Joe Kaiser on May 16, 1999 at 20:33:08:
Me neither!
If the seller has expressed a real desire to sell, then I find it best to meet with the seller and talk about it. In that 20 minutes you’ll likely learn all about the property and more importantly, learn what the seller is trying to accomplish.
With that information now spinning around in your noggin, you formulate a solution that both solves his problems and lets you have the possibility of making a buck or two.
That may mean owner financing and it may not. But you won’t know until you’ve learned the true situation.
Also, that twenty minutes allows you to establish a relationship with the seller. In that short time, he might even come to like you and now be receptive to terms he wouldn’t have considered had you just mailed him an offer. That’s why you cannot skip this process or just “mail it in.”
Forget wrangling . . . it’s not a battle. Rather, it’s an investigation first, and then it’s crafting an agreement, using the real estate tools you’ve acquired, that “works” for the both of you.
Sounds more complicated than it really is.
Joe