My friend maybe looking to sell (according to his Facebook status)

[RenManlolo]

Hi fellow REIN Members,I have a friend who has just posted a Facebook status saying "tenants gave notice... to sell or rent again. Anyone know of someone looking to rent or buy a house in Ottawa?" Possibly motivated.

Since I haven`t taken any Quick Turn courses yet (but have enrolled for one here in Vancouver in March). I was wondering what kind of info I should get from him.

I am willing to pass this deal on to someone else (if there even is one, for a referral fee).

From the limited info that I have and what I`ve been reading here on the site, I gather that I`ll have to find out:

• Value
• Mortgage Owing
• Rent
• Equity
• ?
• ?

That`s all I can think of. Like I said, this is all new to me. Just looking to gather info for you.
Thanks for your help. : )

Regards,

Ren

 

[Dan_Eisenhauer]

The first thing you have to do is determine whether or not your friend is serious about selling, or just spouting off.

Then you need to find out the other things you have identified.

I have always said, "You can`t sell flowers from an empty cart." The only thing you have right now is a potential lead. What guarantee do you have, even if your friend says he will sell, that another investor would be able to write an offer to would be acceptable to both parties? None. You have nothing that would attract a serious investor.

I suggest you write an offer on the property, and if it is accepted, assign the contract to another investor. You will need to be certain your numbers are accurate in order for another investor to show interest.