Approaching owners/sellers of Multifamily properties and bringing up lease-options and seller financing.
Hey there BP,
I am a beginning real estate investor who currently owns a Tri-plex in the Atlanta metro area. I've been renting it out successfully for over a year now and been successful in automating and delegating most of the landlording tasks and I think I am ready to take on a second property.
I've been reading the "No Money Down" book by our own Brandon Turner and also several others and was interested in the Master Lease Option and seller financing investment strategies as for a conventional loan, most lenders want 20-25% which would be close to $50k for the properties I'm looking at.
I'm confident in my ability to talk with sellers and getting to understand their wants and needs to make a deal happen, my question is, how do I go about finding and bringing the MLO and SF options on the table to these sellers/owners?
My problems are as follows:
1. I'll find a listing online for a property I like, it might be fully tenant occupied, with a notice to not disturb tenants.
2. It's listed so, if I go with a lease option, the selling agent would get cut out I'm assuming right? So he/she would not be wanting to put me in direct contact with the seller.
3. How do I contact the seller directly? Whats the best way to set up a face to face meeting? How have you set up these deals successfully in the past?
Any and all advice or anecdotes would be appreciated. Plus I'm always looking for mentors/partners/friends in the real estate investing community in Atlanta. Drop me a message if you want to chat or get together sometime to swap ideas. Thanks a lot!
Best Regards,
William Edmondson
REI - Metro Atlanta Area