Help! Deal is to BIG!
All of my cards on the table, I am still a "door-less" investor, but have been following the advice of individuals on here and talking to the different property management companies to get a feeling of the market. Long story short, one of the PM companies I talked to was in the process of selling off his 250+ door portfolio and was down to the final 10 (that are not on the market currently) that are in the Oklahoma City / Edmond, OK area.
He currently has 4 Duplexes, and 2 SFH in close proximity. It has been said many times on the BP Podcasts to "find the deals, and then the funds." I talked with the gentlemen for about an hr. and finally got the information that it would be listed as a portfolio for ~1MM with a 10.3% COC return. These are all verbal numbers, as he is hesitant to give me anything more until I have been qualified as a serious potential investor (can't really blame him).
I did ask him about seller financing, but he mentioned he had been burned by that in the past and was not interested. The gentlemen is moving to be closer to his grand kids.
The big question is - How do I take down this fish, or am I way out of my league? Furthermore, I don't have near enough information to start analyzing this deal, but cant get more information until I can show I am serious. Its a chicken and the egg thing that I am thoroughly confused about!
Any input would be greatly appreciated!