Potential Tired Landlord looking to sell with owner financing- HELP!

[Christina R.]

I have a contact that called me this past March off my letter campaign that has 2 duplexes, a triplex and a SFH in my area that gross about 90-95K in rent a year. One property is actually on my street. At the initial call, he sent me a sheet with the addresses and rent info on it and wrote that he'd be interested in owner financing it. Well, at the time he wouldn't give me any idea of what he wanted for them and it basically didn't go anywhere. This past week I've been doing follow up calls, so I called before the 4th of July holiday.

He called me today and will be in the area tomorrow, wants to meet and discuss his situation. All are free and clear with the exception of one which has an ARV of 180-200K and there is 60K owed on it.

So here's the thing - I haven't the faintest idea how to approach this discussion (which i am really doing for practice with talking with sellers because I'm still out of my comfort zone with that - I didn't ask anything about price or anything else today on the phone because I need the practice of this if nothing else comes of it).  I probably would want to wholesale these off BUT could be interested in keeping them myself (or with a partner to split any cash flow).  

I've read here and heard elsewhere that with seller financing, the TERMS are where it's at and not necessarily price so I don't want to "price myself out" of this with the traditional wholesale formula if truly there is money to be made with a different, yet financially workable approach for all involved.

What questions should I ask and what should I be listening for?  

Thanks in advance for any suggestions!

[Jerry Puckett]

Christina,

Kudos to you for doing your follow up! 

What I would be listening for is anything that speaks to his cash needs. Is he cash poor, needing a big up front payment? Is he looking for extra help month to month to pay some new bills? If all else fails ask directly: what do you need to make this work for you? Thats how you'll know how to structure your terms so that everyone wins.

It will be your terms that dictate how you will make money and how much you will make. Setting these up takes some creativity and I'd suggest reaching out directly to an expert on the subject like @Grant Kemp . He does more than sub to.