How to approach a potential acquisition

1 Reply

Hello again BP community,

After closing on my current property, my fiancee was talking to one of the tenants and found out that the 2 flat next door to mine is vacant. Apparently the old woman who lived there could no longer live by herself and had to move in with her kids about 2 hours away. 

The kids want her to sell the place but she does not want to yet. Also it hasn't been remodeled in probably 30 years (60's wallpaper still abounds in the property apparently).

Now this got my mind clicking. I have heard about grandma houses (houses in good shape but have not been updated in years) and i know they are supposedly good investments. What i want to figure out is the best way to approach acquiring the property now that i have info others don't and before she is convinced to sell.

Will sending yellow letters be a good starting point? If so what kind of language is appropriate for this situation. The kids i hear come by one or twice a month and collect her mail. If i could run into them that would be ideal because i can build a relationship.

Thanks for all the help

I would send a real, handwritten letter and mail it to her if you have the address. Make it personal, talk about the specifics of her home so they can be sure you didn't just send this letter off to a bunch of people. It's only one person so yellow letters aren't necessary. I would also try to leave a note at the house, maybe a doorknob hanger or something that her kids will see the next time they come to get the mail. 

Best of luck!

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