Located Owner Of 2 Buildings, Now What?
I found 2 multi-family buildings, side-by-side and both boarded up in a great location. Both buildings are owned by the same person. I found the owner's name and address through the county assessor's office. I am ready to contact the owner, but don't know what to say.
I don't know the owner's situation (delinquent or not) or the condition of the property (aside from missing windows).
Those who have done this before, what do you normally tell/ask the owner the first time you contact them?
Thanks for any advice.
First I would make a very brief contact with the owner and ask him the situation. Dear (owner's name) I noticed some property in (City name) that you own and was interested in what your plans are for this property. If it is not to much to ask can you please reply with some information about this property and your future intentions. He may contact you and say ANYTHING take the information he gives you and move it forward. If he says he does not know what he wants to do he just wants to sit on it. suggest some ways you could help him make money off it . People like help making money.
Good Luck
aurera,
your post is a little surprising. you looked up the owner because.......you are interested in purchasing the buildings. Contact the owner and keep it simple.
-introduce yourself. indicate that you are interested in purchasing the buildings. Ask him if he can discuss it with you now or would another time be better.
-If he says he doesn't know then just say the buildings are not in use and you specialize in distressed property. Tell him you would like him to give some thought to your purchase. Ask when you can call back.
-if he says yes. Ask how much. If the price is below market. Ask if he will consider terms - don't be specific now, if he says yes then you can negotiate later.
-if he says no not interested in selling, you can either thank him for his time and get back to him in 30 - 60 days or continue to probe. Your choice based on your comfort level.
You need to do some number crunching to figure out your maximum offer, repair expense and other related rehab expenses and the After repaired value. If you have not done your homework, you will not recognize a good deal when it hits you over the head. Ramp up and prepare for the conversation - then execute your strategy.
Good luck
Thanks for the replies. Unfortunately, after doing research on the owner (I like to know who I'm dealing with), I found out that this is out of my league. Doing an internet search pulled up 22 PAGES of hits. No, not the Donald, although his name was mentioned in the same sentence.
Call me chicken if you will, but I know I am not ready to deal with such heavy hitters. I only have one duplex under my belt. Someday though...
still go for it...worst case you get turned down...it doesn't hurt to try.
What do you have to lose ABSULUTLY nothing. Call and pop the magic question it couldnt hurt and who knows if you do a good job maybe you'll learn some valuable information.
ED