I'm new to BP and looking to buy my first rental. I found a tri-plex that is FSBO. It's a 100 year old home that was converted to a tri-plex. It is in a very desirable location, clean and livable, but needs to be updated. Seller's gave me rent income numbers, but it doesn't cash flow at their asking price even with 20% down. Any suggestions on what to say to the Seller's without offending or making them mad?
@Mara Sargent welcome to BP. First thing I would do is determine if it is a legal triplex and verify the work was permitted, you can do this at the County office; if not the rest does not matter. Don't worry too much about offending the seller with price or anything else pertaining to the property. Personally I have found FSBO's to be overpriced and under-disclosed. There has always been some reason it is not listed with a realtor. All the best!