Seeking advice for buying from retiring landlord

[Chase C.]

Hello BP--

I got my first driving for dollars/direct mail call back on a multi-family property in Fredericksburg, VA. It's an exciting first step, but also a little daunting, given that I've never closed on a deal before.

This would potentially be an off-market deal, but the seller isn't motivated by any financial distress--he's just looking to start unwinding his portfolio.   I'm wondering if anyone has been in a similar situation, how it turned out, and how they determined their absolute max, walk-away-from-the-table price.  This is a fourplex that's assessed in the county appraisal district at 340,000 and the owner claims it takes in 925 per door.  (I've gotten pre-approval for 300k, so that's my top dollar for now).

I would value any advice or insight.  

Thanks, all.

[Frank Geiger]

Great job on putting in the work to get your first deal! You may be able to meet closer in the middle if the owner carried a seller's second on the property. Just be honest with him and say you're looking to purchase it for however much. You can try to get a LOC or Partner to cover the difference as well. Do you have any friends that invest? If you can take two properties off his hands, maybe he will be able to drop the price more. Numbers still need to make sense so no need to get too emotionally invested.