How to Wholesale my Landlords Property
Would love some advice from all you masterminds:
My previous landlord is a sweet older lady who owns a multi-unit building here in LA. I can tell she is having a hard time keeping up with finding new tenants and is not interested in doing any type of renovations to the property. (It’s quite outdated and needs TLC)
It’s clear she is living off the rental income for her retirement but it’s becoming more difficult to keep up.
I’d like to help her sell it and wholesale the property to someone who can rehab it and get more value out of the property. She could live off what she makes from the property sale or reinvest it into something easier to maintain (less tenants). I’ve tried to help her find new tenants but the building needs love.
Most of the wholesale conversations I’ve seen are between a wholesaler and a seller they didn’t know.
I’m looking for some advice about the best way to approach this scenario seeing as how I would need to have her assign the property to myself to execute the contract. Do I approach her as if I want to buy the property myself? Or bluntly explain to her the process of wholesaling.
I would genuinely like to help her while also building my experience in wholesaling and real estate.
Perhaps you would have a completely different approach? Thanks for your advice.
