Buying a duplex from my Dad's landlord
Hello,
I am just starting out and just purchased a house for STR. As rents are going up and my parents are on a fixed income, I would really like to help them out. I want to approach my dad's landlord and ask him if he would be interested in selling the duplex to me. What is the best way of doing that? Should I tell him that his tenant is my dad? I have the name and address of the owner from the Tax assessor's office. Should I mail him a letter or dig around and try to find a phone number? Financing might be tricky since we are tied up in this STR. Any suggestions appreciated.
Thanks!
Hey Courtney,
If financing is going to be an issue for you guys you might consider doing a lease option. If your father is living there and is able to continue paying rent, or slightly more than rent you may be able to work something out with the seller.
In terms of approaching the seller, a voicemail and a letter will get you a long way. If your father has any contact with them via email/phone you could go through that route or the property manager though that'd be my last resort. Property managers aren't in the business of selling the properties they manage so it can be a bit of a challenge to get through them. The more personable and reasonable you can be with the seller the better. You'll get the deal if you can help them find the middle ground that works for their financing.
Good luck, and I hope you can make it work!
