New and Looking to Learn - Open to Advice

[Joel Douglass]

Hey, everyone! My name is Joel and I'm from Greenville, SC.  I've been listening, and learning, from the Bigger Pockets website for about two months.  I've reached out to a couple people who have been on the podcast, but this is my first post in the forums. I have yet to do my first deal, but have looked at quite a few homes, and have even made an offer (which I didn't win). I'm in a very competitive market (Greenville SC), where houses are sold, with multiple offers, in a day or two.  So, I've been trying to create my own deals - like I've learned listening to the podcast.  I have a full-time job, so this something I'm doing "on the side". I am here to learn from others and am all ears on any advice you can share with me. 

I can use some advice from the Bigger Pockets Community.  I run several mornings a week, usually through our downtown area.  I have been looking for rental signs (especially those that appear to be personally managed), and have been calling them to see if they are willing to sell.  I have found, what I believe to be a great opportunity, and want to put myself in a place to purchase this property.  So far, I have done the following and here's what I've learned.

• Called the number on the For Rent sign
• Talked with the owner for about 20 minutes, focusing on learning about him and the property.
  • The owner is 72 years old, and self managing the property - doing everything, including repairs, finding renters, etc.
  • He hasn't made many upgrades to the tri-plex
  • His father used to own the property, which was sold to someone else, and then he bought it back from them. 
  • The For Rent sign is usually not up for more than one week - it rents quickly, as the rent is pretty low for the area. 
  • The last tenant told him that if he added granite to the home, they would've paid $200+ a month more in rent. 
  • I asked if he was open to selling the property, and he said, "Not at this time, but I will keep your contact info on file, in case that time comes". 
  • He owns several other rental properties, and I told him that I would be open to making an offer for the entire portfolio of properties.
• I sent him a follow up "Thank You" note, and asked if he was free for coffee or lunch sometime - wanting to learn from what he's done to become successful. 
• I have not heard from him, and plan to call him soon to see if I can take him to lunch or coffee. 

I am open to thoughts or advice on how to position myself to purchase this property. This is not the only property I'm looking at, but I think there is a lot of potential. 

Of course, I don't have the opportunity to buy them, if he doesn't want to sell. I feel like this is something that keeps him going - giving him something to do with his time, and I don't want to take that away from him. I've thought about offering him an owner financing option, and potentially asking him to help with the maintenance - being a property manager of sorts.  Has anyone ever done something like that. 

Thoughts, on anything I've said are greatly welcomed and appreciated. Also, if you're near Greenville, SC, I'd like to connect with you.