Need some help with off market deal

[Michael Garrett]

Ok. Here we go. I don’t have much time so I hope I get a lot of answers. About a month ago one of my friends (former neighbor) told me they were moving. I always regretted selling my house next to their house wishing I kept as an investment. 

I digress, I jokingly asked if he would sell it to me and he told me his wife’s dad owned it so I would have to talk to him. We chatted a little more and I repeated to him about the offer and kind of forgot about it. Fast forward to today… I get a text from an unknown number; hey! I don’t want to be a long distance landlord. Let’s talk if you’re still interested in buying!!  

This is prime location in heart of great little village in south Florida. Primo short term rental area. I guess I need to know a few things. Should I start with letting him name a price? Should I have some options ready to offer? Do I need a contract for him to sign if we come to an agreement right there on the spot? EMD…? I feel like this is an opportunity that won't come along very often if ever. Zillow puts the house at 470 and my old house is now estimated at 680!! darn it… lol.

What do you think I should offer?  seller financing would be a dream deal come true. Would a 325 offer with 10% down and 6% interest at a 20 year am rate be good?  Or would that be rude. Maybe add a balloon payment at 3 years to pay it off?  I guess my main question is should I let him make an offer first or should I just be like yo… this is my offer. 

Any guidance would be greatly appreciated. Thanks in advance. The call is scheduled for tomorrow 9/15 at 3:00 pm