May have gotten my first deal...NOW WHAT????

[Will Bert]

So there's a property in my neighborhood that has 2 1bedroom apartments and a commercial store currently being used as a church. The owner lives about 45min's away. I said good morning to her and struck up a convo. I asked if she would be interested in selling the building she said sure she's tired of coming back and forth. I asked would she do a seller finance or lease option she said yes make her an offer. She want's 529k the area is going for 450k currently she's getting $3550 a month. I told her I would speak with my investor and make her an offer. Here's the problem I don't have an investor and don't know the next step. I can put something down just don't know anything about this..I've been listening to the BP podcast and reading the forum and just figured I'd give it a shot but didn't think she would actually want to sell...now i'm stuck

[Brian Gibbons]

@Will Bert 

If you want to get started in real estate, I would not LIE to people.

go to a REI Meeting in Brooklyn, and pass out cards, saying -

I find properties all day. I am looking for JV Partners to make money with me.

Name, cell, email.

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Now find an attorney, get a recc from the REIA president. This attorney must be able to help you with sub2, land trusts, leases, partnership agreements, etc.

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I would get licensed and be a listing agent.  Earn as you learn.

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Know what a motivated seller is, ask good questions, 

MOTIVATED SELLER - QUESTIONNAIRE CHECKLIST

The following is a list of sample questions you should ask a seller. When talking to a seller, try to ask the questions through the course of a conversation and try not to sound like you are reading from a list.

(Note: You will not ask all of these questions depending on the answers the seller gives and your investing objectives.)

Asking About The Seller And Their Property:

• Can you tell me a little bit about your home? (# of bedrooms, baths, size etc.)

• What do you like most about the home?

• What do you like the least?

• Are there any repairs needed?

• What is your sales price and how did you arrive at it?

• What do you think your house would appraise for in excellent condition?

• What do you think your property could rent for?

• Is your property listed with a real estate agent?

• If you don’t mind me asking, why are you selling?

Asking About The Existing Financing:

• Do you own the house free and clear?

• Do you know if your mortgage loan assumable?

• Would you sell the house for what you owe?

• If not, how much are you looking to get above what you owe? (Subtract that from sales price to

get loan balance.)

• How much are the monthly payment on the mortgage?

• Are the payments current?

What Kind Of Deal Can You Get:

• If I paid you all cash and closed quickly, what is the least you could take?

(Follow-up by asking if that is truly the least they would take.)

• Will you consider leasing the property to me with an option to buy if I guarantee the mortgage

payments and maintenance?

• Do you have a problem with someone living in the property until I get it sold?

• Would you consider optioning the property to me, if there is absolutely no risk or cost to you?

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Serious, NEVER say something that is not true.