Unlisted SFH (6br/2ba) Near Ohio State in Columbus OH

[Stephen Watt]

I recently learned that a friend is moving for a job and selling his SFH (6br/2ba) that's close to Ohio State's campus. In the past, he rented out the 6 bedrooms to college students, which worked out relatively well. The home could also be rented to a family. I've visited the property and it seems like it's in solid condition. Pending an inspection, appraisal, and due diligence I think it could be a cash flowing asset (it was for him).

Since it's not yet listed on the MLS, I'm wondering if I can make an early offer on the home and get it before it's listed. But, I don't have any deals under my belt and am debating if I should bring this possible deal to a more experienced investor to help the process along.

My question is: what would you do in my shoes? Do I dive right in and pending due diligence, make him an offer? Or do I look for another investor to partner with?

Thanks!

[Account Closed]

Step 1- if you made an offer can you buy it do you have funds or financing in place? talk to a lender to see what you can qualify for 

step- 2  He is your friend talk to him about your intentions and feel him out on price , possible seller carry back etc Also see if he can give you an idea on the rental numbers from the college students

3- Research the neighborhood ,sales, prices, trends and arv of the home as a single family-use the th sevices of a realtor property manager etc  ,

4-Now add in the rental income minus taxes, reapirs, etc  (50% of rent) is a good starting point 

5- Now you can come up with an offer and present a well researched offer to your friend that you know both will be happy with  

Good luck