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Updated over 8 years ago on . Most recent reply

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Sonja Williams
  • Real Estate Investor
  • Germantown, MD
9
Votes |
9
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Apartment Opportunity, Please Help

Sonja Williams
  • Real Estate Investor
  • Germantown, MD
Posted
Have been looking & networking for over a year and received a call today from a friend and introduction to an owner about an small apartment unit(8 units). I'm meeting the owner, at the apartment on tomorrow and want to make sure I don't miss, anything to get an accurate $. Currently all units are rented, I ask for lease information on tenants and repair, maintenance records & warranties. I am taking my home inspector with me(my husband owns a company) and my friend who owns the title company(she introduced me to the owner). The owners husband died and she doesn't want to deal with his real estate properties(yes she has more). She knows I am a newbie but I don't want to act or sound like an idiot and I want to make a fair offer. Please let me know what to ask & look for!!!!HELP

Most Popular Reply

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10,252
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16,111
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,111
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10,252
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

Just listen and be empathetic to her loss.  You can hit her with all the financial and ppwk requests next time if she doesn't have it with her.  Check her checkbook register later lol.

If you don't know something she asks, just say you will look into it and get back to her.  Ask her what she would like to see happen.  Bring a simple notebook and take some notes.  Take some pics. We don't need to nitpick every little inspection thing as you walk through.  Can bring it up later in negotiations.

The big picture is most important.  Location, seller motivation, building age and overall condition.  Build rapport.  We aren't landing the plane yet.  

Good find and good luck @Sonja Williams!

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