Offering cash on a triplex?

[Rob Hayes]

Today I came across a triplex that sparked my interest in the Atlanta, Ga area. I contacted the owner to see if they were interested in selling & they gave a ridiculous price of 280k. I asked if they would be willing to accept a cash offer of about 150-180k just to flirt with the idea & they were willing to consider.  To crunch the numbers, 2 units are 2bed, 2.5baths renting 650-700 based off of their price & nearby comps; 1 unit is 1bed,1bath & I'll assume rents are 500-550 for now. This unit also has two separate garages as well. Not necessarily the 2% rule but as a rookie in today's economy that knows the area & would like a place to stay, it would be a start.

So my problem is that i would have to obtain a loan for this property (FHA) & wonder why is cash such a motivation vs financing if the seller is going to ultimately receive the same amount of funds? Contingencies shouldn't be a problem if its off market to begin with; no dead line , no other buyers lined, no unnecessary holding cost on the sellers end, etc.

How should I go about acquiring such a property without an experienced team nor prior practical experience?

Any other advise would be appreciated, thanks in advance.

[Andrew Johnson]

@Rob Hayes I think the "cash" motivation is that if you truly have "all cash" then you're just not kicking tires and going to ask for owner-financing (or something similar) at the 11th hour.  The last thing you want if you don't have the property listed is random pseudo-buyers, inspectors, etc. rambling through the property.  Tenants (for the most part) don't like it and tenants get spooked.  I'll be overly general but tenants assuming new owners (or an owner looking to sell) means raised rents.  So that "happy tenant" might not renew their lease and just look elsewhere.  Not to mention that having *actual cash to close* can distinguish you from wholesalers who are just looking to try and sell a contract, double-close, etc.

Consequently, in my opinion, while there might not be actual money in play there are a lot of concerns that "showing a bank account with a balance of $200K+" can alleviate.

Your biggest issue is that you floated $180K cash and now you would prospectively need a loan.  An unmotivated seller could see this as disingenuous or just a flat out lie.