Buying a rental with cash?
Hey everyone, I've currently run across a property that has sparked my interest. It would be my second rental property and my first I did not use a realtor with as it was a for sale by owner.
I currently have a line of credit open and I've found a property that has suffered an electrical fire in the garage, I'm going to inspect the extent of the damage tomorrow in person. I wanted to make a lower "cash" offer. Essentially writing the seller a check IF we can agree on a price. My question is basically for those who have done this sort of thing before.
If we agree on a price do we just meet at a title company, make sure theres no leins, etc. and sign the title over?
Should I come up with a contract that is basically no more then a bill of sale?
Never been in the position to essentially "write a check" for a property and was wondering how those who have done a similar deal handled it?
Thanks, Dusty.