Wholesaling 9 unit building...Help

[Lamontay Garrett]

I have a meeting with a potential seller of a 9 unit building here in San Antonio. It was a bandit sign lead and when discussing the SFR he is wanting to sell, I also found out he owns the 9 unit building as well. He owes very little on the Mortgage and just wants to get rid of it. I don't know how to estimate the value of a commercial property and if anyone locally has any experience with wholesaling small apartments, your assistance would be greatly appreciated. Thanks.

[Tim G.]

Howdy, 

Well, do your very best to get a lot of info. 

First, their story and their motivation to sell. 

Second, the financials. Selling a Multi Unit is like selling a business. You need to know the rent for each unit, the status of the lease, what costs are paid by tenants what are paid by the seller etc.. 

Chances are some of this info might be harder to get if they aren't too professional or the place has fallen into mis management. BUT get as much as you possibly can. This is how you determine a lot of things. Then you will get to work on finding what the market will bear for rents and if there is an upside you could bring the property up to. 

So. get face to face and build rapport. Get their motivation and as much of the story as you can. Third get all the details on the property. Then report back. 

Cheers,