Meeting about a 24-plex, 100% owner financed. thoughts?

[Karen Thomas]

Hello friends,

So I took a chance and mailed out 2(yes, only 2) letters to two different apartment complex owners. I had some free time and used the google machine to find their home addresses. Three days after mailing the letter, I got a text first thing today from one of the apartment owners who wants to meet on Saturday. I am beyond excited. I clearly stated in the letter that we(my wife and i) are interested in the property, but would need owner financing for a couple of years before we could afford to refi and pay him off in full. It was a total shot in the dark, but he is interested.

So, we bought a 4 plex last year, with conventional, 20% down financing. That is the only deal we have done. I know that we can handle a 24 unit, especially with the right PM company. Since we haven’t ever bought such a large building, what would you recommend asking for? Rent roll, last few years of tax returns/ expense reports. What questions would you ask. I have already written down quite a few things that I want to talk about, but I am trying to make sure I have all by bases covered.

I would appreciate any recommendations on what to ask during this meeting. I am not a big “salesman” type of guy, so I am not really sure how to approach the seller financing conversation. I am just a good ole boy. Hopefully the seller is the same!

thank you!