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Updated almost 4 years ago,
WINNING OVER A PASSIVE SELLER
BP family! I need your help.
I'm trying to land my first rental property in Georgia and found a heck of a deal. The seller is an older gentleman that is divesting his whole portfolio and has a property that is currently tenant occupied through March that he's motivated to sell (eventually, keyword)! I called him up yesterday and gauged the situation and it's exactly what I've been looking for. I have the capital figured out and have run prelim numbers that look strong.
So what's the hold-up?
He's just passive. He wants to wait to sell until the tenant moves out. The tenant has never missed a payment in 4 years and keeps the property looking good. I told him I'd love to purchase it without the tenant having to leave. He said he would chat with them about it but didn't seem super motivated. Has only received 5 other calls from investors. Currently, has it posted on craigslist for tax assessed value and in its current state, it's worth at least 30k more than what he's asking. With a little love, the value could boost to 50k more than his current asking price and rental income could double.
I'm looking for advice on how to stay actively engaged with him over the next month without coming off too eager. He also has other properties so I want to keep that line of communication open. Thoughts or recommendations?