My wife found a 4plex FSBO in a college town (where she goes to school) about an hour away from where we live. I tried looking the property up online and found very little info. From google maps and the pic my wife took, there seems to be some differed maintenance i.e. exterior paint and slightly over grown vegetation. I went to the county auditor’s website; I found the assessed value and tax info. I also saw the owners name but, the address was different than the 4plex’s. I then looked up the owners address and it popped up on a FSBO website and some other Real Estate sites.
Question #1 Does this info (the owner’s house for sale) indicate a possible “motivated seller”?
Q. #2 Should I have more info before I call the number on the sign/ if so how can I find it?
Q. #3 When I call, what questions should I ask the owner? I can think of some: Owner financing /NOI /vacancy/Roof and foundation.
Q. #4 Is there any other advice you can give?
Question #1 Does this info (the owner’s house for sale) indicate a possible “motivated seller”? Possibly. More importantly is finding out the numbers
Q. #2 Should I have more info before I call the number on the sign/ if so how can I find it? No, just call
Q. #3 When I call, what questions should I ask the owner? I can think of some: Owner financing /NOI /vacancy/Roof and foundation. Is it rented? what is it rented at? can you provide copies of the lease? can you provide an income and expense report? What sort of seller assistance could you offer? What repairs have been done on the property recently?
Q. #4 Is there any other advice you can give? Speak with a bank first and make sure you will get approved for financing
Thanks for the reply!
I am calling on my lunch. I haven't called the bank yet, But I do have access to the VA owner occupied option, if the property meets the standards. I will provide more info after I call.
Well after lunch I called and found some info. It is not a 4plex it is a 6bed/2bath two story house. Asking price is 79,000 Currently rents for 750 per month. Seller stated at times he had rented it out for 1000 to a frat. He is selling because he no longer has time to devote to this property. He also said the price was flexible but would not do any seller financing. he just wants to be done with it.
At this time after speaking with the seller, I think this is too advanced for me to make profitable. So I will pass this along to someone else, Maybe someone going to the Shreveport/ Bossier BiggerPockets meet up would know how to work it.
good call. I think you can get better returns elsewhere
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!