Buying property next door...
Hey BP community,
I have another question for my experienced operators out there. I purchased a property not too long ago that is going to be a college rental/ long term hold near NC State (Raleigh)
I'm about half way through the rehab and have set my eyes on the house next door. Here is a little background information...the current tenet has rented the property for 20 years. The previous owner passed away at some point and the house I believe was inherited by her daughter. The owner has been to the property once in 6 years and does 0 managing. The tenet in place is an older handyman that does his best to take care of the property although falls short. My estimates based on my own experience would range between 15k-18k. (Have not walked inside the property)
I would like to procure this property and was looking for someone that has experience directly pitching to an owner. I do believe the price would be decent deal considering the lack of effort on the owners part and worth pursuing as another buy and hold.
The property is not listed.
Anyone have suggestions how to approach the owner? I do not know the owner at all, I have the owners address and could obtain their phone number easily. How do I say "you're a crappy landlord I want to buy your property for 70% ARV"?
Thanks for your time to read and consider my post. Just in the planning stages here.