I am meeting with a seller tomorrow to look at two properties.
One is a small two bedroom house with a renter in it. The rent is 450 per month. The other is a duplex that is in need of extensive work. I have not seen the property yet so I do not have first hand knowledge of the condition. The seller wants 48000 with ten percent down and will carry the note for up to thirty years.
What questions should I be asking the seller. This will be my first deal and I would appreciate any help.
One question that can be pretty revealing is to ask why they are selling? They might not necessarily give the real reason but you might get interesting information. Look for body language too when you ask this question.
why are you selling?
Whats the least you could take?
when do you need to sell?
what will you do if you don't sell?
what interest do you want for the note? will you do a 30 year note?
make sure to take some time to calculate repair expenses and consider getting back to him within 24 hours so you can "calculate repair costs" and buy some time so you can fully assess the value of the transaction.
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