Specialist · North Hollywood · Member since 2017 · 71 posts · 19 votes
Hello Community,
My wife just find out that our sweet retired neighbor couple owns a number of vacant houses. It seems like they really don't know what they have in their hands. The houses came up in the same conversation as the retired lady was musing where to get a part time job to supplement her retirement. It seems like there is a need that would be well taken care of I bought some of the houses.
I want to approach the couple to see if they would like to sell. But how to approach the conversation? How does a typical conversation go to find out whether a seller is motivated? Furthermore, if the seller turns out to be motivated how do I base my offer? I think that basis for the offer is even more important than usual when the seller is getting a tiny bit senile and I don't want to take advantage of them.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
I mostly listen. If the conversation goes to you and what you do or want to do, I would say I would love to own some rentals but it sounds like a lot of work. Then I would ask if they know of anyone who may be interested in selling some houses?
We do have to watch out for elderly protection laws so you are smart to be aware of those. If they are interested in receiving monthly income, run all seller finance stuff through a title co who can get it drafted up via attorneys in their network. Mine do the note and deed of trust for about $300.
Real Estate Investor · Austin, TX · Member since 2011 · 271 posts · 106 votes
9y
Are you looking to wholesale, flip, buy and hold? Why do they want to sell? You can ask that a close family member be present if they are not of sound mind. Do they own free and clear? Ask how much they want? When do they want to sell? Are the properties turnkey? What are the ARVs? How much repairs are needed?