Aging On-market Rental, Creative Finance Pitches

[Blake Collier]

There’s a rental in my area that’s been on the market for almost a year.  It has great bones and I’d love to approach the owners with a creative finance option.  Current value is approximately $500K and from the tax records I estimate they own $125K.  What’s the most effective pitch to purchase, fix, flip, refi as a personal home?  Thanks in advance BP community!

[Curt Smith]

If its vacant, they are netting zero plus negative due to expenses!!   Your offer can be less then you think.   Find the seller in tax assessor, skip trace and phone call.   Letters are 1/10th as effective as phone calling.   Say you've been watching the house on zillow rentals.  You like the house and would like to buy it.  Then keep quiet.  Just ask "why", "what" questions and listen.  The owner will give you deal scenarios they'd be open to.   

80% of all deals are after 6 mo and 6 phone calls.

Best of luck.