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Updated over 6 years ago,
Newbie here. Approach neighbors family about buying his home?
Hello Bigger Pockets,
I am a newbie looking to get into either owning rental property or flipping.
There is a house down the street I am interested in. Here is the situation: Our elderly neighbor, (I'll call him Jim) moved into a nursing home over a year ago. I did not know him well. Just a "hello" as we walked by. According to a neighbor (David) who speaks with Jim's nephew, he will never be able to return home and he has no immediate family still living. Since he moved into the nursing home, his house has not been touched. All his furniture is still there and he has two cars in the driveway. It's like time stopped.
My husband mowed Jim's grass this weekend to help out and because it was calf high. David came over and said he spoke with Jim's nephew and he was so grateful to us and asked if we would be willing to mow all summer if he paid us. He gave me the nephew's phone number. David said the nephew does not have time to deal with the house. Jim has owned it since 1972 and it is very dated and not in great shape. According to David, Jim wants his nephew to flip the house, but the nephew doesn't have time and doesn't know where to start. When Jim moved into the nursing home, the deed was transferred to a family member in her 70's. Maybe the nephew's mother?
Now that I have the nephew's contact information, how should I approach this? Should I:
1. Ask the nephew if they would be willing to sell the house? I have about $25k cash, but could possibly find an investor if needed.
If he says no...
2. I have been trying to think of a way to do a deal with the nephew (pending due diligence). He obviously doesn't want to be involved in the minutia, but that is the part I do want to be involved in. What are some scenarios I could pitch to him?
3. Other suggestions?
The market in our area is very good right now, which must be why Jim is pushing his nephew to flip it.
Thanks so much for any advice!
L