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Updated over 5 years ago,
Big opportunity, but out of my comfort zone
So I found out from my girlfriends dad about a dozen properties or more that are semi abandoned. I say semi because they are livable as is but would need significant repairs to sell or rent. Not like roof caving in or boarded up. Just updating to bring it up to date. The catch is the owners are either in a nursing home or have passed and the kids don't want the house anymore. The houses are all owned outright, up to date on utilities and taxes. We drove by the houses over the weekend and he pointed them all out to me. Being active in the community he has gotten to know many of these people over the years.
How do I approach these people without sounding like a insensitive greedy person? The properties are all in high demand areas with very good schools nearby as well as other amenities. The ARV on each is in the range of 150k-200k so it's definitely worth it to me. Talking with other investors in the area they all said they have no problem finding renters. I am interested in Buy and Hold.
I think I first need to find out what they would like to get out of it or what they want to do with the proceeds. Obviously it's pretty sentimental when they have lived in the house for such a long time.
My thought was maybe offer them cash and explain to them the amount I came to based on the repairs after having a contractor walk through with me.
Or if they had a certain price in mind I could possibly meet their price with money down and seller financing.
Word gets around pretty fast about things so I definitely want to make a good first impression and not piss them off.
About a month ago I talked to a few farmers about buying land. Apparently word got out because I had 4 people call me about land for sale. 1 was a total hoarder situation. 5 acres and 3 of the 5 acres was loaded with over 75 vehicles. Tractors, cars, trucks, campers, boats,etc. The house and garage had stuff stacked to the ceiling and you couldn't even walk inside. I passed on that, but thanked them for their time.