His had this quad for over 30 years.They are seriously wanting to rid themselves of this HEADACHE…my niece has leased one unit for over 10 years…hasn’t been the best tenant …How do I convince them ,that inspite of my niece…I can offer them a solution?
What formular do I use to make this an absolute attractive deal .
Rent is $800 /month.
I’ve tried to trace this quad but I can’t geta figure of how much it costs.Infact it isn’t even registered at all down at the Tax Assessors office.
How do I research this quad ,before I can even approach them with an offer?
How are you planning on buying it? getting a loan, paying cash, or sub2? how much are they asking for? does it need repairs? how much? if the rent is $800/m for each of the 4 units, in good condition, right off the bat I would look at around $160k. Anything under that would be good, anything over that would be considered depending on cost/repairs/…etc.
They are already motivated, the question is how low are they willing or can go (if existing mortgage). Tired landlords tend to be willing to just walk away and get rid of the headache. What is interesting about this one however is that they appear to owe it free and clear, and they seem to know the business. They might not be motivated enough to give huge discount.
Forget about your neice living there, has nothing to do with it. Except it will become your headache if you buy it 
They might also be willing to do owner financing to avoid the tax hit.
Fadi,
Thank you for the response…this is eye opening.I am curious about your estimation…infact you could be correct if not right on the money…
Also…how is it that you seem certain that this building may be owned free & clear ?
Let me give you a background on this property & its surrounding area.I might help you help me determine how to spring forth with an offer.
This quad is surrounded by newer twin town houses priced at $160- $165k…Landlady is a realtor and has a older twin listed under her for $135k ( on market for the last 257 days & counting).
Her husband is the maintance guy and is the one who keeps the grounds and refurbishes vacant units.They just got rid of a rowdy/hole-punching/middle of the night yelling tenant…they are tired.
Landlady grew up here…her parents,who deeded the building to her,spent the last days of their lives in the units…raised her kids here…her kids shacked up with their significant other’s here and moved on after they got married.
I say all this to say ,they may have a very strong attachment to this building…it is possible this may be difficult to tear themselves away from it.
They have not put the word out ther yet…but the Landlady have repeatedly told my niece that her lawyer has advised her to sell the thing and rid herself of the headache.
I like the idea of utilizing owner financing to avoid the tax hit.
How would this work for me to where I can take advantage of the $8000 tax credit ? I think I would qualify ,since I bought my last home 4 years ago.
I assume they own it free and clear because you said they owned it for more than 30 years. There is always the chance of them doing cash out refinance but usually more difficult than owner occupant properties. Not sure what the laws were like back then.
You can still get the $8k gov credit when you buy, but only if you’re owner occupant from what I understand. I haven’t read much on it though.
As far as their attachement to the property, make sure you understand how much you’re willing to pay for it. And if you cannot get what you need to buy it for, then it is not a deal.
Now, if they are willing to do owner financing at an extremely low interest rate, then heck I would be willing to give them much higher than I would otherwise since I would mainly be paying principle and it would be for long term hold.
If they have a dupex listed for $135k for this long, chances are they are not motivated and wanting to cash their properties at high price. Worth a look into them, but I would not be excited about them.
So low price, or very good owner financing terms.
okay…gotcha…now the other duplex is listed under the landlady/who is also the realtor.The duplex is not her property…think she sold it to the present owners,100 years ago.
Thats just goes to affirm her presense in this area.
I always approach all deals as potential deals, and all sellers as motivated sellers. I know the max I would be willing to pay depending on how I plan on financing it/doing with it and if I can’t get them within my range, then it is not a deal and I move on. So don’t worry about their expeience, or motivation. It is what it is, they can take it or continue to deal with the tenants.
I thank you…Business is all about making the deal…emotions aside …makes sense.Don’t get caught up with anything else.Thanks again