Buy/lease back question
Hey everyone,
I'm going to speak with someone today about potentially buying their property in Indian Land, SC. It's a townhome built in 2016 that's currently owned by a married couple in their mid 50s. They're asking 225k. They have expressed interest in selling the property and leasing it back for 1-2 years. They are the original owners. Since this is new territory for me, I'm curious if there are any questions I should ask other than the obvious. I can't imagine there are any major repairs on it since it's so new. I think Indian Land is blowing up right now, and my wife and I are looking for any and every opportunity to buy rentals here. I know the margin might not be great, but we're willing to play the long game on this part of town.
Obviously I'll have a discussion with the sellers, but the main questions I can think of are:
1. Why are you looking to sell?
2. What do you currently owe on the property and what's your current monthly payment?
Really it's a "smell test" for me. If that passes, then I'll do a rental analysis and see if they're willing to pay. Besides that, am I missing anything huge for an introductory meeting?