My girlfriend lives in a MFR (4 unit including landlord in basement) and her landlord doesn't do much for the place as far as cosmetics, even a broken handrail which is hazardous. I don't have much information on him but Im sure I can find out more.
I suggested to my her that I could talk to him regarding selling the property, i would love to owner occupy it but have little knowledge on how to do so. Instead of using direct mail I'll speak to him in person, maybe door knock. This is a plan of mine to rent out a MFR. I have knowledge on wholesaling and little in regards to renting out, heres what i would like to know..
- how to go about it?
-what to say?
-is it possible to have a property manager for it?
-how to check to numbers?
-what exactly should I be checking for?
Newbie looking for as much advice/tips as possible from the experts ! Thank you
@Terrell Sapp I would approach it something like this. Knock knock. Hello, I was wondering if you are interested in selling your property? No, end of conversation, Yes well how much do you want for it? If he will tell you then get property details. Ask even if you think you know the answer. He may lie to you and that gives you a tell about other information he may provide. Once you get the details you come back here and ask questions about whether it's a good deal or not.
BTW just because someone is a slumlord doesn't mean they will want to sell or will sell for a reasonable price. Most people don't want to sell. Most that say they are willing to sell will only do so if you offer them stupid money. Just keep that in mind going in and hold the situation loosely.
Thank you for the response @bill s.
Next time I go there I will knock on the door ask ask if he's willing to sell. I'll keep you updated
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