Just bought a 1000 Fazer

[Falcon 269]

I hate to be Mr Buzzkill but where's the coolant leak appearing?  If it's dripping off underneath the sump, check that it's not coming from the drain hole in the sump pan.  The oil and coolant pump live in the sump and if the ceramic seal on the latter fails, it's designed to leak directly out of that hole rather than into the oil pan.  Read more here about the cause and how to fix it:

http://www.yamahafz1oa.com/forum/showthr...water+pump

Hopefully I'm wrong and it's just a slack hose but given the uncertain history of your bike, who knows?