Home we’ve been renting for past 10 years is being sold! Is there opportunity?

[Pat Quaranto]

My mother and I have been renting a home on Long Island for the past decade. The landlord, who lives in Indiana, recently notified us that she plans to sell the home and we have 90 days to find a new spot. We’ve been good tenants paying on time for the entirety of our stay here.

The property owners are brother & sister (and I believe a third sibling), but they’re never really on top of things, and no property management. I believe this may have been passed down to them prior and they don’t really do this often based on the condition of the home, and lack of communication.

The back yard is overgrown with weeds, the sidewalk has been damaged and rubble for years now. The roof has been replaced once but still leaks. There are water stains in the ceiling, the electric needs some help in the floor two bathroom, as well as the water pressure in the shower. The walls on the second floor show white chalking and also some sort of drip marks. And there are also leaks coming in at the corners of the ceiling from the water management. 

It’s an old Levitt style home with asbestos underneath the siding, and just extremely outdated. Four beds, two baths. The only things that have been updated since living here has been the roof (but still leaks), the boiler (a reactive replacement after the kitchen flooded), as well as the floor kitchen cabinets (also after a major leak of which we mentioned multiple times) - which still kind of leaks. All this to say there are definitely some issues. 

My question is this: Is there any opportunity to wholesale this? And if so, what steps would you take first, and how would I go about reaching out to the landlords. I’ve never had contact with them - it’s usually been my mother. The property definitely seems to be undervalued, I just don’t want to miss out on what could possibly be a great opportunity. 

Any advice would be greatly appreciated. This would be my first deal. Thanks!