Off Market Property Owner

[Michael Williams]

I've recently used a cold calling service to help with my marketing campaign and a potential seller wants to speak with me. It's a 9 unit multi family property, I want to buy and hold. Should I have a letter of intent prepared? What are some of the questions I should be ready to ask or information to have for them?

[Jeffrey Donis]

Hey Michael,

To answer your question, you don't need to have an LOI ready to go. I would learn more about the seller, the asset, the current tenants, the market, etc. They might ask you what your experience is- how many units you own, what is your RE experience, what is your offer, etc. All you want to do is be genuine and show them you are serious. I personally look to get all of the information I can so that I can come up with a price that makes sense while prioritizing building rapport with them.