Help with Vendor - Update x 2 5/9 · Make Money In UK Property

Help with Vendor - Update x 2 5/9

I found a property that has potential, but it has 10 days left on the auction.

However, this property used to be rented out. So, I have done a little digging and have managed to make contact with the vendors son.

The vendors son happens to be experienced in property, as someone fairly early on in our journey, how would you approach this.

So far I have just reached out to make contact and asked if they would be willing to talk if they fail to sell at auction.

They have replied and said "What do you have in mind"

Where woukd you go from here? my thoughts are to just ask loads of questions because I think the property would make a great holiday let and we still need to get the back story to make sure the deal would stack.

Obviously I know we need to treat this as any other deal but my fear is the vendors son may pounce on a weakness.

On numbers alone the deal looks good, great location, again with most SA units in a remote area very few comps.

Any help and advice would be welcome.

My plan is to just go back and ask if they can provide evidence of the nightly rate, occupancy rate and running costs and if the house requires any maintenance etc. Do I ask why the vendors son is not taking it on as he is in property and he run them for his mum.

Gut feeling is they won't sell at auction, but it would be nice to be in deep dialogue before it finishes.

Thanks all

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Help with Vendor - Update x 2 5/9