Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago,

User Stats

10
Posts
3
Votes
Neil Greene
  • Springfield, MA
3
Votes |
10
Posts

Buying two-family, owner wants to rent from me--need suggestions

Neil Greene
  • Springfield, MA
Posted
Greetings BP!
I hope this note finds you all well.  An elderly neighbor a few houses down wants me to purchase her two family. She is a widow and says it's too much to manage.  She wants to remain on the bottom unit and the top unit is rented to a nice paying couple at about $1200.  Her unit might rent for $1200--with no realtor I believe it would sell for about $250k - $275k. It's a beautiful home in a historic district--the outside is pristine, with a new roof, storm windows and paint job.  (I used to be a carpenter and can handle most repairs). The interior needs updating, but wouldn't need it even if the apartments turned over.
I'm looking for suggestions:
-Would I give her a rental escalator in the lease? About how much? I want her to live a nice long life, but I'm concerned about having a tenant there forever with low rent.
-Knock off money from the sale for not having a realtor?
-I would have to help her clean the place out before sale? Take money off the price?
-Try for owner finance?  (Not sure if she'd go for it as I think she wants the money for security as she is a widow).
WHAT OTHER GREAT IDEAS DOES BP HAVE?
Thank you all in advance!

Loading replies...