Stale House Next Door

[Derek Jones]

Hello everyone! This is my first post on BP but I'm really curious if anyone has any helpful advice as to how I can get creative and do something with the house right next door!

I am a 21-yr-old college student who currently owns one rental property back in my hometown, but would obviously like to keep expanding my portfolio.

I don't have a ton of cash on hand; however, there is a near 3,000 sq. ft. completely vacant multi-unit property next door that has been on the market for literally 5+ years. The house has been converted into 5 rental units but needs a little (not much) TLC in order to be livable I think. The owner is a really old lady that has just been eating property taxes and insurance for an insane amount of time but is clearly not super motivated to sell it for some unknown reason. 

I've looked at buying it in a traditional sense, but it's definitely out of my price range and she's asking too much for it, BUT I recently started wondering if there was a way I could work out a deal with her to potentially fix it up/get it rented for her potentially taking on the burden of the property taxes as long as she let's me keep the rent????

I KNOW I could find some people to get it rented, I am just unsure of how to approach this lady/strike up a deal.

I would be incredibly grateful for any advice, ideas, or info from stories like this one!

Thanks guys :)

[Dave Reese]

Maybe lease the whole building and sub rent the units. Become a property manager and manage it for her...