Looking at a single res 3/2 property FSBO. Seller says he needs a couple months?? to find 1031 exchange to sell
2 single res and buy 1 commercial property…asked him what he was looking for.
I suggested a rent to own for a year and he came back with 6 months. Asked him about the rent amt. $1850
as of the last tenant.He kept asking about my work, income etc. and if I qualified?? Didn’t say I was an investor-
this is my first deal. How did you present yourself when making your 1st deal?
There were other people looking at the vacant property as well. Would greatly appreciate any
suggestions to lock in this deal? How would you make a proposition to the seller??
Thanks.
Tuolovme
Time to move on to another deal this guy is just waisting your time.
Have him call YOU wen he is MOTIVATED to SELL.
NEVER allow yourself to be put in a position that you need the seller to sell you his/hers home or property.
You do that and you are all done they got you by the balls.
In this business you must NEVER allow the seller to take control of any deal, YOU are the BOSS it is done by YOUR RULES not theirs.
Basicly the sellers MUST know that your offer is to be taken as is or leave it offer.
NEVER give in to anything the sellers play by your rules or you simply say NEXT.
Don’t worry there are plenty of MOTIVATED sellers out there.
Bright,
Hmmm… ok let’s back up a second and find out if you should even be considering this property as a ‘deal’. You are wanting to purchase the property on a lease/option (L/O) for a year’s time. I take it you already have a list of interested tenant/buyers (T/B) or you have the cash to make the lease payments while you find one right?
He mentioned $1850 was the last rent amount. So is the value of this property around $160k-$180k? Know that if you are using a L/O to BUY property you need to make a POSITIVE cash flow when you lease it to a T/B.
So all that being said tell us all the info that you have found out about the property that tells you this is a good deal. Purchase price? Fair market value (FMV) of the house? Typical rents for similar houses in area since you are going to be L/Oing it.