Trying to finance an out of state deal, first one

[Neil Jarman]

Hello BP members, First off, thank you all for this community! I am in a different after listening to these podcasts (much gratitude for Brandon and Josh), and I am amazed at how supportive everyone here is with each other. Here is my situation: Newbie investor here, living in Wisconsin and am trying to fund a deal in Detroit. This is not my first rodeo in the Motor City- I own a house there that I purchased in an auction for $500 in 2014 and did a live-in rehab with my fiancé (now wife) for 2 years before we moved here. It is rented and cashflowing pretty well. The one I'm looking at now is in a good spot, has the right price tag and has potential for equity increase after some cosmetic work. I intend to buy and hold, and I'm confident about keeping it filled. The seller wants cash, and so I'm thinking my option here is to start looking around for money from private investors. The asking price around 35k, and I have 15 of that secured so far. My questions are: In regard to private loans--- what should I know before approaching a person (who will likely be a friend) in a conversation about this deal? Other than the listing, my plan, comps and my reputation, is there anything else I should consider bringing to the meeting that will afford me the most legitimacy? In regard to the deal--- The listing says that the seller wants cash. So what are my advantages in terms of negotiation? What should I be wary of? No issues are shown on the listing description. What advantage would a seller have by asking for cash offers other than no required inspection? I plan to bring a contractor to the showing to check out major things like roof, foundation, etc., but should I be wary of anything else? To everyone who read, thank you for your time, and thank you all again for this community.