Help with a sales pitch for an off market property listed multiple times

[Erick Caffarello]

Guys,

Can I get some help creating a pitch to an investor to buy an off market property that has failed to sell multiple times?

It’s currently owned by an investor. It’s a 4 unit property, rents are VERY low. I just spent $52,000 rebuilding a foundation at one of my places. In addition to needing foundation rebuild, it needs a roof and the rest is cosmetic.

Current market rent is $1200 for the 3 beds, $1050 for the 2 beds and 900 for the 1 bed. This is a 4 unit property. He has it grossly under priced.

He had it listed multiple times for $150k and it never sold.

If he sells to me, there will be no real estate commissions, and I’ll offer to pay all closing costs. However, I can’t give him $150k.

How can I pitch this to him to make it worth it to sell it to me? I don’t know if it makes a difference, but it assessed for $163k. He’s an investor like the rest of us here. So how can I make the deal sound sweet? I’m thinking of $80-100k.

The foundation crack is about 2 inches - you can see the outside. I was ready to give him list until I saw the basement. The only way to the basement was through the 1st floor apartment. During the showing, the door to the basement was locked. I’m glad I was able to see it before I put an offer in.

There is no mortgage on it currently, so the owner is just collecting cash and apparently not doing any repairs. Doesn’t seem in a hurry to sell.

Any help is appreciated.

Erick

[Ken M.]

Quote from @Erick Caffarello:

Guys,

Can I get some help creating a pitch to an investor to buy an off market property that has failed to sell multiple times?

It’s currently owned by an investor. It’s a 4 unit property, rents are VERY low. I just spent $52,000 rebuilding a foundation at one of my places. In addition to needing foundation rebuild, it needs a roof and the rest is cosmetic.

Current market rent is $1200 for the 3 beds, $1050 for the 2 beds and 900 for the 1 bed. This is a 4 unit property. He has it grossly under priced.

He had it listed multiple times for $150k and it never sold.

If he sells to me, there will be no real estate commissions, and I’ll offer to pay all closing costs. However, I can’t give him $150k.

How can I pitch this to him to make it worth it to sell it to me? I don’t know if it makes a difference, but it assessed for $163k. He’s an investor like the rest of us here. So how can I make the deal sound sweet? I’m thinking of $80-100k.

The foundation crack is about 2 inches - you can see the outside. I was ready to give him list until I saw the basement. The only way to the basement was through the 1st floor apartment. During the showing, the door to the basement was locked. I’m glad I was able to see it before I put an offer in.

There is no mortgage on it currently, so the owner is just collecting cash and apparently not doing any repairs. Doesn’t seem in a hurry to sell.

Any help is appreciated.

Erick

It won't sell until he gets his price or he becomes "motivated".

You can push a rope or you can pull a rope, pulling it is easier. Don't go against physics.