Should I wholesale or owner finance these 10+ rental properties?

[Marc Hardy]

Hello All,

My partner and I are new to wholesaling and would like some advice on how to approaching our first potential deal. 

The seller is old, has a full functioning business and lives 75 miles from the properties in the midwest. He simply wants to rid himself of the properties so he doesn't have to worry about them anymore. (He's owned them all 15+ years). 

As we live in the Bay Area, we don't know if wholesaling,convincing him to owner finance,  or finding funding to put a down payment is the better option. We currently have no capital so we would need to find some type of financing to take on the properties. 

Real Estate has been declining in this city as well, but the seller makes a good amount of money on rental income each month and has for 15+ years. 

Any and all advice is welcome. THANKS!

[Aaron Mazzrillo]

As you get into this  business, you'll discover seller profiles. Along the way you'll talk to lots of "sellers" who are old, tired of owning their cash flowing portfolio, and are looking to sell. Unfortunately, 99 times out of 100, they are old, bored and just want to play games. One doesn't get to owning 10+ rental houses because he is an idiot and it is an accident. He's quite savvy and is most likely looking to take you for a ride because he knows you don't know what you're doing. 

The last thing I would do is get on a plane and go look at anything until it is under contract and the seller's signed docs are back in escrow. Any money spent before will surely be nothing but an investment in education on your part.