Helping elderly landlords unwind their portfolio

[Robert Shelton]

I have just started in real estate this year. I bought a triplex from an elderly lady landlord that had moved into assisted living and couldn’t manage her properties anymore. At closing, her realtor mentioned that the lady also had a SF and duplex nearby that she is planning to sell next year. She couldn’t sell them this year due to the taxes that she would incur. After taking over the triplex, I had one of my contractors tell me about an 8 unit nearby that had an 84 year old landlord who manages the property himself. He said that the gentleman told him that he isn’t making very much money on the property and that he probably needs to sell it along with a couple of SF homes and a duplex that he owns. He’s in great health and stays on the run between managing his properties and doing work in his church.

The question that I have is how would you go about encouraging the first lady to sell this year? Also, how would you approach the man about his 8 unit? Both properties have a lot of deferred maintenance and are under market rent so I can bring value and raise the tenant base and rent quite a bit.