What to say/not to say when buying from another investor?
I'm looking at a FSBO in a wealthy area where foreclosures are rare and houses on the MLS will get offers within days. The current owner is a real estate investor who rented out multiple properties over the years and now he's older and he's selling off his properties. I did my own comps, and the estimated value is lower than what he's asking. I might live in the house or I might rent it out. The house is outdated but doesn't seem to need much work. It was built in 1954. Do you have advice for things I should be careful NOT to say to a savvy investor like him when I'm negotiating? In the past, I've had the buffer of an agent to relay information.
Is it better to say I plan to live there? Should I avoid telling him I'm looking at it as an investment?
Should I suggest seller financing? Then I could offer closer to his asking price, when you factor in interest for the seller financing.
I haven't spoken to the guy yet, only his wife.
Thanks!