Investor · Northwest, PA · Member since 2013 · 107 posts · 24 votes
There are 2 side by side duplexes right next to each other in a decent neighborhood in my market. The landlord lives about an hour away. One duplex is empty and I believe needs some work. The other has one side rented with the other empty. I believe all four units are 2/1.
One of my tenants used to live in one, and said the landlord never fixes anything and believes he may have had enough of being a landlord. My question is how when I contact him how do I go about asking if he would like to sell? I would like to do some kind of owner financing with him but I'm not sure how to word it...would it be better to call him or send a letter? I know with a little tlc I could rent each unit for $500 plus utilities. I think all the utilities are separate. Any insight would be much appreciated. Thanks Craig
Investor · Waianae, HI · Member since 2014 · 107 posts · 42 votes
11y
Hello
First you need to do a little homework. Get a preliminary title report ( free from realtors) and find out how much the owner bought the property for and what loans they have, That way you will know if they owe too much. The title report will let you know how many years they owned the property. You should try to meet the owner in person or call and talk about the property. Don't tell them what bad shape the property is in! They will think the rentals are in ok shape and you will offend them. I have been inside a rental with pealing paint and holes in the floor and the owner tell me this rental is in great shape. Go slow time is on your side.