How to approach a Big Fish who is selling part of his portfolio

9 Replies

I looked at a house this week and found out from the listing agent that the owner has multiple properties in town and is looking to sell. I found his LLC's properties through the county website. A couple of them are in the area and size I'm looking for. How would you go about inquiring about properties that haven't been listed yet?

Originally posted by @Amanda G. :

I looked at a house this week and found out from the listing agent that the owner has multiple properties in town and is looking to sell. I found his LLC's properties through the county website. A couple of them are in the area and size I'm looking for. How would you go about inquiring about properties that haven't been listed yet?

 Ask the listing agent if the seller is interested in selling other properties too

LLC info has address but no phone/email. I can start with his listing agent for the current property. Is the agent going to have to list the property before I can offer, or can this be done without?

Find the seller's phone or email if you at all can. Talk directly to them. Ask why they are selling, what their goals are, if they're interested in selling their others etc. 

Then see if theres a way to work a package deal for more if your goals align... such as if they're looking to cash out and retire. I did exactly this and turned one 5-unit property that was on the market into purchasing 80 units off market. Package discount and the seller not having to pay 6% realtor fees meant a great deal. 

Originally posted by @Austin Fruechting :

Find the seller's phone or email if you at all can. Talk directly to them. Ask why they are selling, what their goals are, if they're interested in selling their others etc. 

Then see if theres a way to work a package deal for more if your goals align... such as if they're looking to cash out and retire. I did exactly this and turned one 5-unit property that was on the market into purchasing 80 units off market. Package discount and the seller not having to pay 6% realtor fees meant a great deal. 

That's what I was wondering. I am looking for my first deal(s). I feel very ignorant about how to purchase off-market things. I know he bought them through tax sales, and according to the realtor he is putting his focus in other markets. He doesn't want the small properties anymore.

Originally posted by @Amanda G. :
Originally posted by @Austin Fruechting:

Find the seller's phone or email if you at all can. Talk directly to them. Ask why they are selling, what their goals are, if they're interested in selling their others etc. 

Then see if theres a way to work a package deal for more if your goals align... such as if they're looking to cash out and retire. I did exactly this and turned one 5-unit property that was on the market into purchasing 80 units off market. Package discount and the seller not having to pay 6% realtor fees meant a great deal. 

That's what I was wondering. I am looking for my first deal(s). I feel very ignorant about how to purchase off-market things. I know he bought them through tax sales, and according to the realtor he is putting his focus in other markets. He doesn't want the small properties anymore.

If you're super new, then it may be better to work through the realtor for the others, but tack on the seller factoring realtor fees into everything. 

Alternatively, if you approach owner directly, you could work with a lawyer for the legal side to make sure you're covered through the process.

Or it may be better to pick the one up now, and contact the seller later to buy others. 

Perhaps you'll have to get creative with some seller financing. It all depends on so many variables about your personal situation that only you can determine. 

I do need to find a good local real estate lawyer. I'm approved for conventional loans, but I think I also need to contact a bank about commercial ones in order to do a package. I'm not sure it makes sense to worry about packaging if I only want two of them. Thoughts?

Does your state allow the listing agent to also be your agent? If so that's some hefty motivation to get the seller to sale you any and all properties they will...