What to ask For Sale By Owner Triplex seller?

Question

Hi Everyone,

There is a for sale by owner triplex I am interested in and I am newbie. What would some smart questions to ask seller? If I ask about owner financing what are some ways I could offer to structure the deal? Any advice from all you PROs out there will be greatly appreciated!! Happy Friday!

Thanks,

Dustin

Dustin Murphy · Answer

Thank you @Jonathan Greene for replying with your advise. Yes I am have sufficient funds, capital is not an issue. The only fear I have is not asking the right questions. Also if I do ask about owner financing to not try to structure the deal so it is once sided. I want to offer different options that give us both a sense of security that we both are getting a good deal. Thank you again for you input it is greatly appreciated.

Jonathan Greene · Answer

You have to build some rapport before even approaching owner-financing if you want him to take you seriously. First, do you have sufficient reserves to buy the property? You'll need at least 15k in the bank after closing to be safe. Some questions to consider: What's the rent roll? Who pays what? What's the monthly for the owner? Is everyone up to date on their rent? If we come to an agreement are you willing to provide confirmation with leases and verified payments? But first, ask the owner, what he or she is going to do with the proceeds. If they say they don't know, they don't really need the cash, there's your opening for seller financing.