Hi everyone I am a 23 year old new college grad and I just moved into a new apartment, and I really like the apartment I am living in. The location is great and the apartment would be a great first house hack for me, which bring me to my question. My landlord owns a bunch of other buildings on my street and I think pays very little attention to my apartment because it is such a small % of his portfolio. I would like to buy the apartment I rent off him but I don't know the best way to go about it, should I approach him with an offer first? or ask him if he would be willing to sell it? and I would also not want to have him raise my rent because of my interest in the apartment. Any suggestions and advice would be great, thanks!
I was thinking about all the property you have as investments & came to the conclusion that my apartment is a very small % of your real estate portfolio. Would you be open to negotiations for me to purchase the apartment you're renting me?"
-Everything you say is a script. This is what came to mind right away. Edit it because I know it's not perfect. Once you have the conversation started, follow your Landlords lead with what he says to continue the conversation.
I would suggest presenting him with a few offers to give him options between 3 or more offers rather than the option to say yes or no.
I'm not an official investor just yet but I have studied a lot and I have been in sales for a few years. I'm also a Realtor, I know how important scripts are in order to sound confident in what you are saying. Just a few things that would help you out to negotiate.
I wouldn’t even think of an offer or number or anything up front. Talk to him. Tell him you’re interest in RE investing and ask how it’s worked for him. Treat it as a mentorship conversation.
What other properties does he have? How does this one fit in? Is he growing or shrinking his portfolio?
That should give you enough info whether to pursue it or not without being too forward.
And remember, whatever his answer is, there is always another deal out there. Start looking!!’
Research the value. Analyze your finance. Can he lend you the money as I am sure you will NOT get a mortgage. Min 2 year credit history as a professional unless you are a physician. Pay him a downpayment?
Seller prefer someone with solid finances and good track of rental history. Ask him if it is for sale? 6 months later try it again.