Willing to Sell for the Right Price (IC)

Question 1

Response: I may be willing to sell the property for the right price.

Answer 1

Okay, great! And when you say that do you have a number in mind that would work for you?

Question 2

Response: No, I haven’t thought of a price I’d be willing the sell the property for.

Answer 2

Okay, no worries. What number comes to mind that you would be willing to sell the property for today?

Question 3

Response: I don’t have a number for you.

Answer 3

Okay, again no worries, I’m just trying to get a feel for what you’re wanting.

If you were to sell the property, would you plan on doing a 1031 exchange or would you have other plans for the money?

Question 4

Response: If I were to sell the property I would look to cash out or 1031 exchange.

Answer 4

Okay, great. Well, the online records have different number everywhere.

Can you clarify the number of units for me please?

Question 5

Response: The property has x units.

Answer 5

Okay, great.

Sorry if there is a slight delay in my response. I’m taking some notes as we go here…

So, the property has x units, and what is the Unit Mix Breakdown?

Question 6

Response: The building has x 1b-1ba units, y 2b-2ba units, z 3b-2ba units…

Answer 6

Alright, and what is a rough square footage number for the building and each unit mix?

Question 7

Response: The building is 10,000 SQFT, the 1b-1ba units are x sqft, the 2b-2ba units are y sqft, and the 3b-2ba units are z sqft.

Answer 7

So, to clarify, you said there are x number of 1b-1ba units, y number of 2b-2ba units, and z number of 3b-2ba units. The building is 10,000 sqft, the 1b-1ba units are x sqft, the 2b-2ba units are y sqft, and the 3b2ba units are z sqft, correct?

Question 8

Response: Yes, those are the correct square footages.

Answer 8

Okay, and what utilities do the tenants pay for? (Water, Sewer, Trash, Gas, Electric)

Question 9

Response: The tenants pay x, y, and z utilities.

Answer 9

So, to clarify, you pay t, u, and v utilities, correct?

Question 10

Response: Yes, those are the utilities that I pay.

Answer 10

Okay, and what type of renovations have been done on the property in the last 5 to 10 years?

Question 11

Response: We have done x, y, and z renovations over the last 5-10 years.

Answer 11

Okay, and is there any laundry or parking on the premises?

Question 12

Response: There are x laundry units and y parking spaces on the premises.

Answer 12

Okay, and do you have a property manager, or do you handle leasing yourself?

Question 13

Response: I have a property manager (or) I do leasing myself.

Answer 13

Okay, and would you be able to give me a rough gross income number?