Potential Rental Property

[Guido Bertoli]

I wanted to ask you guys the best way to go about approaching to make an offer.

I work in retail and every time this one customer comes in we always chat about real estate and other financial endeavors. Last time he came in about a week ago he mentioned he was looking to get rid of a few of his rentals. As far as I know his properties are free and clear and he charges his renters way under market value to assure long term tenants and because he feels rents are too high. Anyways he charges anywhere from $1500 - $2000 in rent for a single family house, which is under market value.

There's a few ways I see this going.
1. Go to a bank but I feel the mortgage might outweigh the rent or be very close in price. I need to get more information from the investor.
2. Having him carry the loan. But I need to see if he's even willing. What are some strategies for having the owner carry the loan?

How would I even approach him? Should I just call him up and say, "I'd like to buy one or more of your properties"
Keep in mind I bought my first condo a year ago as my primary residence and my mortgage is more than his rent.

I was also thinking that if I were to purchase his property would I be able to raise the rent right away or would I have to wait X number of days or not exceed X amount in raised amounts.

Thanks