Anticipating a decedent's next of kin / strategies for acquiring off-market deals

[Wesley W.]

Hi all,

There is a distressed property I have had my eye on for several years that is in extremely close proximity to a property from my childhood, and an area I would like to own in. I have written a personal letter to the owner once every six months over the last several years, asking if he wants to sell. I include a photo of my family and explain my desire to own in this area I have fond memories of. Sometimes I include a personal check and a P&S agreement with no contingencies. I have never gotten a response.

This gentleman lives out of state and is 96 years old.  He has not been to this property in several years.  I am told from the person who mows the lawn that he does not have a phone, and she only hears from him once a year or so, when he mails her a check for her services.  She says she knows of a cousin who happens to live in the same state as the property, but apparently he had a falling out with him and they have not spoken for many years.  

I'm not sure if there are any other next of kin; he has no children or spouse.  I wonder aloud if he is incpacitated or in assisted living at this point, or has someone that is taking care of his financial affairs for him. I'm looking for advice from the folks that find these kinds of deals all the time, and how best to proceed.  My worry is that the property might fall into probate or tax auction once he passes and someone who knows someone will get the deal under contract before it reaches public offering.

There is a real estate agent in the area that gets about 85% of all the listings in the micro-market, so she is farming these properties constantly.  She buys them distressed, renovates them, and then sells them herself for top dollar.  I am sure she is sending him letters (or using other methods to contact him) as well.

I'm a small long-term buy-and-hold investor myself, but this property is about 4 hours away from my own market, and would be used personally by my wife and I if we were to acquire it.

I'd really like some help from you large operators who work these deals all the time, as to how best make contact with the owner and see if he were interested in selling.  I'm reasonably certain this owner does not need the money, so that's probably not a motivating factor.

Please help David beat Goliath to the punch.  I'm anxious for some feedback and advice on how to get the best opportunity to acquire this property.

Thank you in advance for sharing your experience!