I’m so new to the RE World. I’ve attended several seminars and been doing some researching. I decided to call a FSBO first time ever! I was relaxed and asked a list of questions. (thanks to you guys from the forums). He was very nice and told me that he has this property out of 56 in the area from an inheritance from his father in law. He has tenants living in the duplex and is considering selling the other properties because they want to move back to Alaska and stay with a few. I don’t know what to do now. What kind of financing. He wants 160k but sounds negotiable. Please help!!
The good news is that you got a nice, friendly seller to discuss a property on your first call. Not always going to be like that. You really have not given too much information so it would be difficult in helping you as we do not know (nor should you divulge in detail) your resources to buy property.
What has worked well for me is to find empty properties and taking control of those properties with existing financing that the seller has in place. This enables you to buy more properties than if you attempted to borrow with your own credit…just so many loans the banks want ‘walking around in one pair of shoes.’
Hope this helps.