Options for how to negotiate a 10 unit from an aquaintance

Options for how to negotiate a 10 unit from an aquaintance

Rental Property Investor · Cleveland, OH · Member since 2008 · 44 posts · 8 votes

Hello - Looking for any tips or options I can offer to my neighbor. She just lost her husband and told me she is looking to sell his 10 unit apartment bldg. She told me around 550k and i immediately got preapproved and sent her the letter from the bank.

Now she said she needs to have it valued before she can get back to me. 

Does anyone have any options or other ideas i can offer to her that will incentivize her to sell it to me? im afraid she is going to ask for a lot more on this property after she has it valued. The county has it listed for 400 k. 

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  • Will GastonPro Member
    Rental Property Investor · Columbia, SC · Member since 2010 · 1k+ posts · 2k+ votes
    5y

    @Ryan Kinley I like to ask this question "Other than price, what would an ideal transaction look like for you?".

    Listen to what she says and be hyper focused on those aspects first. "Most" sellers want easy. Easy for her could be things like: 

    -Not having to deal with agents

    -Few/zero showings to bother tenants (big issue for most LLs that sell in my experience)

    -Few (or no) inspections

    -Quick closing

    Ask her open ended questions and she will tell you what she is looking for. 

  • Rental Property Investor · Cleveland, OH · Member since 2008 · 44 posts · 8 votes
    5y

    Thanks Will  . That’s helpful 

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