For Sale by Owner's First Call

[John Peine]

I searched around a bit and I had not seen the question asked exactly how I want to put it.

I am looking in my area for MFRs, owner selling, and off market. I have found 2, a quad and an 8 plex. Both look like they probably need some TLC. I am nervous about making the contacting phone call for a few reasons. I have my first deal under my belt, but it was recent. A SFR that I am house hacking with an FHA loan. Currently funds are low, so I am needing a deal. I would strongly prefer owner financed or a master lease option. Though if I had a good enough deal I am pretty sure I could find OPM.

The initial call I was planning was to ask them about the property first.  Then ask what they were wanting? Cash up front? The most bang for their buck?  Just getting out? Then mentioning something like,"I was going to base all my financials on actual verifiable numbers, not proforma."  If all of that sounds good can I just ask them for a rent roll, 2 years taxes, and the leases?  What if they try to pin me down on a number first thing?

I am worried about a few things. My nightmare scenario is that demand an offer on the spot. I know it needs work, not sure what the occupancy is, not sure how much the rent is. I know this all can get adjusted during dew diligence but I want to produce a strong offer up front that I don't have to weasel around on.  I wish to brand myself as consistent with a strong ability to follow through.  How do I do that? Can I do that within a 5 minute conversation?

Thanks for taking the time to read this. Any input would be very helpful.