My First Opportunity

[Charlie Stewart]

Greetings all,

My first post to the forums.  I've been hiding out, listening to the forums and planning to make deals!  I'm the person that likes to plan on making plans.  I think I have something that is edging me forward.  Onward!

My wife owns a hair salon in a nice suburb on the "Main Street".  Its busy and business is good.  We share the building with 3 more units.  One of which is occupied and the other 2 are unrentable in desperate need of renovation.  The owner suddenly passed away.  He was a great guy and we miss him.  He left no will and has a daughter who is 24 and to my knowledge wants nothing to do with land-lording.

We want the building but want it at the right price.  I would imagine that all of the owners assets will be going into probate and the process could take awhile.  Because the town is centered in an affluent area, it commands high rents and holds value.  The building has 4 units and it is my understanding that buildings with 4 or less units are valued by the seller based on comps.  I'm sure a wise buyer would value the property based on income.

I know little more then what my wife pays in rent, but would imagine it could generate between 4 - 5k per month.  I need a strategy!

Any advice would be greatly appreciated!

Thanks

[Arlan Potter]

his estate will have to go to probate court. The daughter may end up with the property. Make sure she knows you are interested in the property, when the court clears everything. Then make a fair deal with her and buy it.   I don't understand your ideas on valuations. The buildings are worth what a willing buyer will pay and a willing seller will accept. If she is smart, she will get an appraisal or at least a competent commercial realtor.