How Do I Buy This Property????

[Jake Arnold]

Hello BiggerPockets Community.

-- I need advice. Here we go.--

---QUESTION--
How do I secure financing on 350k loan? What techniques could I offer to solve this problem?
I have 25k cash. DTI of around 20%. Under 20% equity in a duplex.
The seller recently refinanced, unsure of her equity stake. (She inherited the property).

THE DEAL.
Off market.. 6unit apartment building, 3bdr house, 1unit garage commercial building (small). All properties are in the same location, (NE Pennsylvania) basically side by side on the same street. The apartment building got appraised for 350k two years ago. New roof, properties in decent condition overall. Half the units are vacant. I could definitely fill it fast...
I HAVENT WALKED IT YET, I WALK IT ON SUNDAY. That's why I need this advice.

SOME DETAILS ON THE SELLER.
seller inherited the property.
She is having hard times with tenants.
She's very motivated to sell.
She went to a realtor and was discouraged by a 16% commission.
The seller recently refinanced, unsure of her equity stake. As I said before.

SOME DETAILS ON ME THE BUYER.
As I said before,
I have 25k cash.
DTI of around 20%.
Under 20% equity in a duplex.
no other real assets.
I'm also 23, that shouldn't matter but that is a factor in negotiation.

CURRENT PLAN.
I've tried to avoid talking to much over the phone about the selling price and my situation. She was worried about title transfers and how the process works so I didn't want to confuse her over the phone. After walking the property, I plan on building rapport and discussing these things; how we could make the purchase happen. Unfortunately, I’ve never done this before and I’m not 100% sure how to make it work. I was going to analyze the property and then talk to banks.

I think that’s enough data for you to get the point.

This is a real life situation, 3 days away. I want to solve this persons problem and grow my portfolio.

If you have any ideas, please help me out. Thank You!!!!
Everyone on here is the best so I can’t wait to read feedback.

[Brent Coombs]

@Jake Arnold, if the owner "is having hard times with tenants", don't you think you might be overly optimistic to suggest you "could definitely fill it fast" (as if there would be no more tenant problems thereafter)?

As far as I can tell, you haven't proven your ability to secure a good deal yet, if the only equity you so far have is your own deposit that you put into your duplex.  [Harsh much?]

What was the 3bdr House appraised at?  And the Commercial building?  Can you split your Offer/s, or skip any that don't appeal to you? (Yes I know, you won't know until later).

Note:  If she's worried about a 16% commission from full market value, that doesn't bode well for you being able to secure a significant enough discount below retail.

ie.  In reality, you want more than 16% discount yourself, so you're already second in line behind the Realtor as preferred buyer.  You get that, right?

ie.  If you can't get more than 16% off retail, then it's not a deal!

But congrats on having started your journey, and for seeking answers.  

Good luck from Brent (no relation to Zachary, afaik).  Cheers...