Spokane, WA: Found off market deals

[Bo Baker]

Hey everyone,

I have been working to find my first deal(s) in the Spokane area for a couple of months now. Yesterday I met a guy that is getting ready to unload a few properties. I contacted him today and have received four addresses. All he said was "Make me an offer. All occupied. Do not disturb the tenants. Rental grade. You pay all closing costs. Close within the next 60 days.". 

Obviously, there isn't a ton of information regarding rent, leases, etc.. I have done as much research on the properties and have found all the tax information, past purchase prices, and so forth. I'm curious if it is kosher to be blunt and ask directly for the current lease agreements/rents? What are your thoughts? He also mentioned that he could owner finance two of the properties. Have any of you done this? What should I be aware of?

The properties are all single family in the following layouts:

4 bed / 1 bath - 1188 sqft + 560 sqft detached garage - Bisbee - Estimated rent (depending on condition) $1050-$1200

3 bed / 1 bath - 1482 sqft + 352 sqft detached garage - Logan - Estimated rent (depending on condition) $1050-$1150

2 bed / 1 bath - 728 sqft - Olmpc - Estimated rent (depending on condition) $700-$875

2 bed / 1 bath - 856 sqft + 324 sqft garage - Logan - Estimated rent (depending on condition) $700-$875

If you could let me know if I'm on the right track with rent prices, or how to become more accurate I would appreciate it. Thank you!

[Account Closed]

Originally posted by @Bo Baker:

Hey everyone,

I have been working to find my first deal(s) in the Spokane area for a couple of months now. Yesterday I met a guy that is getting ready to unload a few properties. I contacted him today and have received four addresses. All he said was "Make me an offer. All occupied. Do not disturb the tenants. Rental grade. You pay all closing costs. Close within the next 60 days.". 

Obviously, there isn't a ton of information regarding rent, leases, etc.. I have done as much research on the properties and have found all the tax information, past purchase prices, and so forth. I'm curious if it is kosher to be blunt and ask directly for the current lease agreements/rents? What are your thoughts? He also mentioned that he could owner finance two of the properties. Have any of you done this? What should I be aware of?

The properties are all single family in the following layouts:

4 bed / 1 bath - 1188 sqft + 560 sqft detached garage - Bisbee - Estimated rent (depending on condition) $1050-$1200

3 bed / 1 bath - 1482 sqft + 352 sqft detached garage - Logan - Estimated rent (depending on condition) $1050-$1150

2 bed / 1 bath - 728 sqft - Olmpc - Estimated rent (depending on condition) $700-$875

2 bed / 1 bath - 856 sqft + 324 sqft garage - Logan - Estimated rent (depending on condition) $700-$875

If you could let me know if I'm on the right track with rent prices, or how to become more accurate I would appreciate it. Thank you!

I've done a bunch of these in various states, some in Seattle and Seatac.

Yes, if you are buying a "business" you need to know the numbers. Ask for the rent rolls, (how much is being paid for rent) are they on lease agreements or month to month, have they been paying on time etc. 

Owner financing is great way to go, just be cautious not to overpay.

Ask when the heat, roof, etc were last replaced.

Use RentOmeter.com to compare rents.

Get a Title Report for each property.

And on, and on.