How to approach a Big Fish who is selling part of his portfolio

Question

I looked at a house this week and found out from the listing agent that the owner has multiple properties in town and is looking to sell. I found his LLC's properties through the county website. A couple of them are in the area and size I'm looking for. How would you go about inquiring about properties that haven't been listed yet?

Austin Fruechting · Answer

If you're super new, then it may be better to work through the realtor for the others, but tack on the seller factoring realtor fees into everything.

Alternatively, if you approach owner directly, you could work with a lawyer for the legal side to make sure you're covered through the process.

Or it may be better to pick the one up now, and contact the seller later to buy others.

Perhaps you'll have to get creative with some seller financing. It all depends on so many variables about your personal situation that only you can determine.

Austin Fruechting · Answer

Find the seller's phone or email if you at all can. Talk directly to them. Ask why they are selling, what their goals are, if they're interested in selling their others etc.

Then see if theres a way to work a package deal for more if your goals align... such as if they're looking to cash out and retire. I did exactly this and turned one 5-unit property that was on the market into purchasing 80 units off market. Package discount and the seller not having to pay 6% realtor fees meant a great deal.

Amanda G. · Answer

Yes, they (or their broker) can represent both. Then I really need a lawyer to look after my interests.

Matt K. · Answer

Does your state allow the listing agent to also be your agent? If so that's some hefty motivation to get the seller to sale you any and all properties they will...

Amanda G. · Answer

I do need to find a good local real estate lawyer. I'm approved for conventional loans, but I think I also need to contact a bank about commercial ones in order to do a package. I'm not sure it makes sense to worry about packaging if I only want two of them. Thoughts?

Amanda G. · Answer

That's what I was wondering. I am looking for my first deal(s). I feel very ignorant about how to purchase off-market things. I know he bought them through tax sales, and according to the realtor he is putting his focus in other markets. He doesn't want the small properties anymore.

Amanda G. · Answer

LLC info has address but no phone/email. I can start with his listing agent for the current property. Is the agent going to have to list the property before I can offer, or can this be done without?

Brie Schmidt · Answer

Ask the listing agent if the seller is interested in selling other properties too

How to approach a Big Fish who is selling part of his portfolio

Most Popular Reply