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Updated over 4 years ago,
Becoming a property manager: question
I live in a condo complex as an owner. It's a very nice place with great amenities and is kept up well. There is a unit in our building of which the single owner died (death did not occur in the unit), and the daughter who inherited the property is out of state, lives in a capital city, no driver's license; she has no means or ability (considering COVID travel restrictions) to visit, clean out and sell the unit. She has been an absentee, probably grief stricken and doesn't want to deal with it. She's (presumably) paying the HOA fees, taxes (& mortgage, since the late owner was here less than 5 years). It has been vacant since January (yikes....all of that potential rental income lost!)
We are in a town just outside of Boston and identical units in our complex are selling for $400k and rental rates are $2k+/mo, so it doesn’t make sense for me to approach her about purchasing it. I was thinking about getting in touch with her, asking about her plans, offering my help as a local neighbor etc, and ultimately seeing if she would be interested in me managing it as a rental property for her. Has anyone had experience contacting an owner (in probate) about managing their vacant condo/home? I would also be open to clean/pack the owners things. I’ve met the inherit a few times casually at holiday gatherings, but I don’t know her well enough to broach this subject easily. I’ve never managed a property but I’ve lived here for 4 years and I’ve only had to call the management company once or twice for questions, and the maintenance issues have been minimal since the buildings are in very good condition and new owners tend to make improvements in the first year of ownership. The new owner is loosing out on some major income leaving it vacant, so it looks like a win-win, but I welcome everyone’s input!
Thanks,
Nancy