14 unit off market…. Possibly seller finance?

[Charlie Massey]

I have never done an off market deal before, but as an agent I have helped others set up seller financing purchases. 

I have a 14 unit complex that I found driving around and sent a letter to the owner. Her parents owned the complex and passed away a couple of years ago. Her and her sisters own it now and she self manages it. There is definitely some needed repairs, and I doubt she is getting market rent in any of the units. She actually reached back out to me from my letter and we talked for about 20 minutes on the phone. Her sisters do not help with much and just look to collect their check. She’s not sure they would want to sell, but want me to give them a number. I don’t have any numbers on what she’s getting now for rent or any expenses. I plan to meet with her in person and build more of a relationship and discuss possibilities. 

I mentioned they may benefit from seller financing to continue getting a check, and she will not have to do anymore work. I definitely would prefer to do a seller financing deal. I’m trying to figure out what creative ways might make them more interested in selling. Any help? 

I am thinking some sort of small down payment and then a balloon in 10-15 years. I would probably be adding value and refinancing before then anyway. 

Any comments will be appreciated, thanks.