There could be tons of reasons why they are selling and if you are thoroughly doing your due diligence, if it has to do with the property, you will more than likely find it. Talk with tenants too when walking through property. They can give you an idea of things they want to see fixed or corrected with where they live. Hope that helps some.
There could be tons of reasons why they are selling and if you are thoroughly doing your due diligence, if it has to do with the property, you will more than likely find it. Talk with tenants too when walking through property. They can give you an idea of things they want to see fixed or corrected with where they live. Hope that helps some.
this is a key question that needs to be asked while you are contemplating an offer. The answer can help you craft an offer that is beneficial to the both of you. The seller may be retiring, hence seller financing would work. They may be trying to 1031 into a different deal, which makes him motivated. Or the seller may be burned out and just trying to dump the property. I would be a bit curious as to why the broker won't give you a "real" answer. He does not want to give up any leverage!
In the end, I don't think it matters in your case if the due diligence checks out.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
8y
@Brad Mast Keep asking. And as @Christal Warren mentioned, the tenants may give you the scoop when you're out walking through the property. Best of luck!
Gino - thanks for the advice. We are already under contract and unfortunately didn't really get a straight answer before hand. But its not a retirement or 1031 as those two I specifically asked. My guess is he is just doing a quick cash out as he only has had this property 3 years and appreciated $33%. good Lesson learned for next time.
Now Moving swiftly through due diligence.
BTW - I heard you and Jake speak on older GRE podcast. It was great and helped my mindset as I am starting to work in a partnership on multi's. I am finding that my partner and I are both bringing so much to the table.