Unsolicited bid for a three-family residential property

[Peter J.]

Hi BP Members,

I'd appreciate any guidance/ suggestions as it relates an unsolicited bid for a property purchase.

Context: My brother currently rents from an owner/landlord who owns a three family residential property in greater Boston. The landlord lives on the first floor and rents the second and third floors (i.e. house hacks). He "manages" the complex as well. My brother and I would like to purchase the second and third floors, however, to do so would require the owner to undertake a condo conversion.  Due to the high costs of a condo conversion on a building from 1910 (i.e. attorney fees, surveyor, architectural plans, updating to current code, adding sprinkler system, etc.), we thought it might be best to consider an outright purchase of the entire property.   

That said, however, we think the owner/ landlord may not want to part with the home entirely.  He is approx. 75 years old and does not appear to have any immediate family/ offspring/ next of kin that he's close to.  Our thought was to begin the conversation by simply asking his long-term plans for the property.  If he entertained the idea of a potential purchase, one thought was to include a special clause within the purchase + sales agreement to include a fixed-rent for the remainder of his tenure in the home.  

Has anyone had a similar experience?  Any success stories or suggestions?  Any and all advice is greatly appreciated.

Thank you!

[Mindy Jensen]

Thanks for finding that beautiful picture, @Austin Fruechting