Posted by Lee on December 19, 2002 at 10:03:18:
Why do you want to buy these properties?
How much money will it take to repair them?
How do you plan to profit from them?
If your friend doesn’t want them, why do you?
Are you sure that he is motivated to sell them?
Who labeled him a “slum lord” and why does that matter?
Is being a “slum lord” something you aspire to?
Have you asked him if he has ever thought about selling these properties?
Find out if he really wants to get out of the landlord game. Find out how badly he wants out. Learn everything you can about his situation before you try making him an offer. Your offer should be a solution to his ownership problem (if it exists), structured in a way that enables you to profit.
Is this potential deal the best use of your time and capital?