Advice? Meeting with a seller.

1 Reply

Hello All! Gung-ho newbies here looking for some guidance! All help and patience is appreciated!

We have a meeting this week Friday with a seller who has a 16 unit apartment building for sale. Since this will be our first time meeting with a seller to discuss a deal, and commercial property is its own unique niche, we are reaching out to the BP community for some advice. We do know a little bit about the property (location, upkeep, photos, vacancies, income, expenses, projected COC, cap rate, taxes, seller's purchase price, etc).

What questions would an experienced real estate investor be sure to ask the sellers?

What (if anything) should we bring to the meeting?

What is the best way to prepare for the meeting? (What research should we do? etc)

We also have a contractor willing to walk through the property with us at a later date. What other "precautions" or due diligence should we be thinking about at the very beginning of this process? 

Thanks so much in advance!

I would ask for a current operating statement and their income tax returns for last year for this particular property. I would also bring a blank purchase contract I always carry one. If you do write one be sure and give yourself plenty of time for proper due diligence .

John Thedford, Real Estate Agent in FL (#BK3098153)
239-200-5600

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.