Approaching a seller in Distress to Create a Deal

[Vincent Plant]

I brrrr’d a house several months ago. It worked out great. The street it’s on presents tons of opportunity so I want to get another.

I got word that the neighbor next door is in distress and possibly in foreclosure (it showed up on Zillow as pre foreclosure).

I’ve talked to this guy before, I have his cell, and I know from him that he inherited the house from his father (he told me). If he’s in danger of losing the house I want to approach him and propose a win win strategy where I help him financially, and I end up with the house free and clear, or with him as a tenant, and me and the owner in the long run.

I just don’t know how to go about approaching him or how to structure a proposal. The guy does not see me as a friend (long story but the house I own was previously his baby mommas house), I don’t know anything else about his personal circumstances, and I don’t know exactly what he would need.

I was thinking something like, I’ll pay off all/any liens, and give you $5k cash in hand to walk away from the house and sign the deed over to me. House as is. I’m just not sure if that’s best way.

Suggestions?