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Updated over 5 years ago,
How to offer on an off market property.
Good afternoon Bigger Pockets community. My name is Leon Robinson and I am wanting to get started in REI. My desire is to start out initially in multifamily. I want to rent a unit while living in the other. My ultimate goal is to own multiple large 100 plus unit complexes. With that being said I live in the Kansas City, MO area where multifamily available units are scarce. When good ones do come on the market they usually have multiple offers and I just don't bother getting into the bidding war or my offer is not competitive. Needless to say it can take the wind out of your sails after you have done the analysis on a property only to come up empty yet again. I am fearful of overpaying for a property and being caught in a housing crisis like what occurred in 2008.
I am a huge fan of Bigger Pockets. I especially enjoy the articles and webinars. I have a potential off market duplex deal that I want to thank Brandon Turner and Sterling White for. Brandon in one of his webinars mentioned driving for dollars. Sterling via one of his interviews with Brandon mentioned that most of his deals were off market and how follow up with the potential seller is so key. Well one day about a month or so ago I went driving for dollars and found this property that was for rent. I called the owner and asked him if he was willing to sell the property to me. To my surprise he said yes. We have spoken several times and he also showed me the property. Now my greatest challenge is to "Seal the Deal". I am hoping to meet with him later in the week to discuss an offer. I have a realtor, but I do not know their role in an off market deal. Is their role the same just as if the property were listed?
Would love any advice. Also if anyone has Sterling White's contact information that would be awesome. Sterling if you read this please do not hesitate to respond.
Thanks