Want to buy the building I rent in from my landlord

[Nazz Wang]

Hi BP Community,

I have been living in an apartment building for a while now and it just came to me today, why don't I buy the building from my landlord. They have owned it since 1965 and the management company is a terror. Maybe they would want to sell.

Now, I am thinking about how to reach out to my landlord. I have never directly dealt with them, as everything goes thru the property management company. I am also not a wholesaler, so I have no experience convincing people to sell their property to me. What would you guys recommend I do?

The first thing I thought about is a letter, of course. I am thinking to tell them that I am a tenant in their building at xxx, and have been there for x years. I am a great tenant, always paid ahead of time, and took care of the place. I would love to see if they will consider selling the property to me, and I would love to own and take great care of the building. I am flexible and am open to any option that would work for them. And then I would mail the letter to their business address listed with the county tax record. Is that what you guys do? What would be a good finishing touch?

Thanks in advance!

Nazz

[Account Closed]

In markets like SF your chances of getting a deal from your landlord are very, very slim.  But don't let that stop you from getting the word to the landlord that you are interested!  Always let people know if you want to buy something.  Write a short letter that says you're happy living in the property and that you hope they will consider letting you make an offer when and if they ever consider selling.  Don't go on about what a good tenant you are or that you will take care of the property.  Just get your name in front of them and make your letter look like something they will keep in the property file.  There are some sellers that will be interested in selling without an agent, trying to save commissions.  But for the most part, property owned that long in your area is likely in a family trust or business and is generating cash flow for the time being.  Send a letter annually, reminding them of your interest.

Is your building under rent control?  That comes with some serious issues when making an offer.