First investment property... but it’s not for sale.

[Emma Kellenberger]

I am looking to get a head start on my first investment. My parents house, which is actually not for sale. They have been renters of the house for 16 years, since I was 4. The couple who owned it when I was little passsed away and it was sold to another man, whom is “broke” (grape vine from my parents) and he doesn’t do much to actually fix anything that needs to be fixed. He pays some under the table random to just do the work that needs to be done and it is not done well. The house is located in Wilmington, NC. The person who currently owns lives in Raleigh. How can I go about trying to purchase the property? Should I hire an agent to contact the owner to see if we can make a deal on the house? 

Thanks! 

[Jackie Lin]

Emma, I would ask your father for an introduction. Have your father tell the new landlord that you are a new to real estate and want to gain more exposure to this business and ask if the new landlord would be able to talk to you and maybe share some experiences from his past to lead you down the right path. Once the conversation starts, you will slow try to get a feel for the conversation and try to hint to him that maybe you are interested in starting your real estate career with your parents current rental and see if he would like to part with it. if he express some interest, then that is where the negotiation start, however if he doesn't express any interest in selling this house to you, ask if he has other properties that he wants to sell off. Don't be pushy, be natural. 

if he is willing to sell, GREAT! if not, no biggy, there is always the next deal. 

Hope this helps.