Hello, Long time, no talk.
Bp'rs I need some advise. I found an off market duplex with an absentee owner, he lives 250 miles away. I've spoke to him over the phone a couple times, very nice guy, but he's intimidating, and very stern on selling price. Owner is 70+ yrs old does not want to deal with seller finance, and he's been in the business for 30+ years.
I know the area very well and honestly this duplex is probably worth the selling price but it also needs probably 15k in updates and repairs.
I am meeting with him on Friday for the first time, and I need some advice and some pointers to talk him down on the price a little bit. This will be my first rental property and the cheapest bank is wanting roughly 55k to close. That is a lot to chew on for my first deal so any negotiating advise to get that lower will be much appreciated.
Thanks - Michael