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Updated about 4 years ago on . Most recent reply

User Stats

19
Posts
3
Votes
Devin Borders
  • Charlotte, NC
3
Votes |
19
Posts

Buy/lease back question

Devin Borders
  • Charlotte, NC
Posted

Hey everyone, 

I'm going to speak with someone today about potentially buying their property in Indian Land, SC. It's a townhome built in 2016 that's currently owned by a married couple in their mid 50s. They're asking 225k. They have expressed interest in selling the property and leasing it back for 1-2 years. They are the original owners. Since this is new territory for me, I'm curious if there are any questions I should ask other than the obvious. I can't imagine there are any major repairs on it since it's so new. I think Indian Land is blowing up right now, and my wife and I are looking for any and every opportunity to buy rentals here. I know the margin might not be great, but we're willing to play the long game on this part of town. 

Obviously I'll have a discussion with the sellers, but the main questions I can think of are:

1. Why are you looking to sell?

2. What do you currently owe on the property and what's your current monthly payment?

Really it's a "smell test" for me. If that passes, then I'll do a rental analysis and see if they're willing to pay. Besides that, am I missing anything huge for an introductory meeting?

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