Updated over 4 years ago on . Most recent reply
Buying two-family, owner wants to rent from me--need suggestions
Greetings BP!
I hope this note finds you all well. An elderly neighbor a few houses down wants me to purchase her two family. She is a widow and says it's too much to manage. She wants to remain on the bottom unit and the top unit is rented to a nice paying couple at about $1200. Her unit might rent for $1200--with no realtor I believe it would sell for about $250k - $275k. It's a beautiful home in a historic district--the outside is pristine, with a new roof, storm windows and paint job. (I used to be a carpenter and can handle most repairs). The interior needs updating, but wouldn't need it even if the apartments turned over.
I'm looking for suggestions:
-Would I give her a rental escalator in the lease? About how much? I want her to live a nice long life, but I'm concerned about having a tenant there forever with low rent.
-Knock off money from the sale for not having a realtor?
-I would have to help her clean the place out before sale? Take money off the price?
-Try for owner finance? (Not sure if she'd go for it as I think she wants the money for security as she is a widow).
WHAT OTHER GREAT IDEAS DOES BP HAVE?
Thank you all in advance!
I hope this note finds you all well. An elderly neighbor a few houses down wants me to purchase her two family. She is a widow and says it's too much to manage. She wants to remain on the bottom unit and the top unit is rented to a nice paying couple at about $1200. Her unit might rent for $1200--with no realtor I believe it would sell for about $250k - $275k. It's a beautiful home in a historic district--the outside is pristine, with a new roof, storm windows and paint job. (I used to be a carpenter and can handle most repairs). The interior needs updating, but wouldn't need it even if the apartments turned over.
I'm looking for suggestions:
-Would I give her a rental escalator in the lease? About how much? I want her to live a nice long life, but I'm concerned about having a tenant there forever with low rent.
-Knock off money from the sale for not having a realtor?
-I would have to help her clean the place out before sale? Take money off the price?
-Try for owner finance? (Not sure if she'd go for it as I think she wants the money for security as she is a widow).
WHAT OTHER GREAT IDEAS DOES BP HAVE?
Thank you all in advance!