I have been eyeing a triplex in my neighborhood for some time now. This is not being foreclosed but it seems they are letting some things go that should be fixed. First thing I need to know what are my financing options to very little money down to buy this. Second thing is how to approach the owners of the property. I have there current address and the amount they paid and the year they bought it. I was thinking of sending them a letter on the property with an enclosed photo of the damage that is occurring but I need some direction on the wording. These have current tenants in all 3. The units never set for anymore than a few weeks without tenants due to the school system and neighborhood. Any advice will be well taken and thank you in advance for any help.
Write them a letter asking if they might be interested in selling the property? Depending on their answer, then ask questions about financing bro.
No need to worry about extra stuff. You gotta start at the bottom and work your way up.
It would be a lot easier if you said, I've found a duplex for $200,000 and the owner is not interested in owner financing. I only have $2,000 saved up for a down payment. I have horrible credit but I do own a house... etc... etc... What can I do to get this duplex?
Makes more sense @Brent Fleeman ?
@ Chaz Reid, thanks
@Brent Fleeman have you considered living in one of the units to be considered a primary residence and you could get the property with little money down using an FHA mortgage.
@Jerry Padilla I would consider it, if I didn't own the home setting behind it and the probability of my wife killing me. If I was starting out, with that being my first purchase it would be an excellent move.
I probably wouldn't send them pictures of deferred maintenance on the property. They may not appreciate you pointing out their "relaxed approach" to property ownership. Other than that, I see some good ideas for you posted! Best of Luck!!
@Eva Salas, thanks for the input, now I have heard it both ways, this was advice from another party not affiliated through here, but I guess it is gonna come down to the perspective of the owners of how they view it. I think I will send them a letter to ask about selling and note the damage I have seen since it is more than just appearance. Thanks again for the replies.
All good tips here.
I would advise sending a letter a week.
Odds are they will not respond to one letter but might respond after the 12th.
@ Nick Patterson thanks for the tip, I may just send them until they have no other choice than to respond.
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