Real Estate Professional · Lansing, MI · Member since 2015 · 34 posts · 8 votes
Hello All,
I am currently preparing to jump into my first deal. Background info: My boyfriend and I are renting one unit in a duplex property. We have created a fairly good relationship with our landlords and they have mentioned being willing to sell the property to us. We are looking at buying it using seller financing/land contract.
I am now at the point where I have done the research I can without having met with the current owners to discuss details. I have a general idea of some of the things I should ask them going into the meeting, but I am curious as to what types of things other investors ask when going into meetings with sellers?
Why are you looking to sell? Can you tell me about the house? What part of town is it in? Does anyone live there? How many bedrooms and bathrooms? What kind of general shape is the house in? Anything owed still on the property? Do you have an asking price in mind?
Let them talk and listen to what they have to say. I agree with @Franklin Romine Be genuinely interested in what they have to say.
The deal I have under contract now, I asked them what they were wanting. The house is about 80K ARV and he said he wanted about 20-25K. I used that as the start for negotiation and got the deal for 15K. If I hadn't have asked that I wouldn't know where to start and probably would have paid more for it. The price he quoted told me he was ready to get rid of it and it was more of a problem for him. Since he owned the house free and clear and was willing to go so low, I knew he was motivated.