Making an offer on a fourplex

[Luke Millet]

I cold called a guy about a four plex that I have been eyeing. I do not know much about multifamily yet but it’s what I want to get into. He then later texted me, “just out of curiosity what do you think the property is worth?” I haven’t had the chance to look into that because I simply wanted to see if he was motivated to sell. I was wondering why y’all do to make a soft offer. Pay a Realtor to pull some comps? I’m definitely going to ask him if I can walk the place with him.

[Jeff Copeland]

I'd suggest asking him for his rent roll, P&L, and T-12 expenses, and telling him you need to crunch some numbers before talking turkey. 

Then...crunch the numbers before talking turkey. 

I literally just posted some great info related to valuation in another thread at: 

https://www.biggerpockets.com/forums/12/topics/849258-understanding-noi-where-to-pull-numbers