Purchasing the unit I’m renting

[Mike Talbott]

Hey BP! I’m currently living in a 10 unit apartment complex located on direct inter coastal in S. FL. I’ve been interested in buying the unit and have been reaching out to my landlord. He is unsure of what he wants to do and is interested in hearing my offer. He inherited the property a few years back. Unit is outdated. Wondering how I go about approaching him regarding a sale price. Should I have him make an offer first before I do?

[Tommy Cangelosi]

@Mike Talbott

It's always better to hear his number first. If he cant come up with a number then you will have to throw one out there. The best way to do this is to talk to him face to face and see what his problems are....such as he cant come up with a price? He cant maintain it? He doesnt have time to rehab?..etc. The best way for you to structure your offer is to create it around solving his issues. If he is unsure if he wants to sell then you need to be delicate. He might not be able to afford it without having a tenant in place. That is where I would start. Do you have a personal relationship with this landlord? Is he the son of the previous owner? Make a connection with him to get him to open up more. If he is unsure about selling, then he has a reason for that. Best of luck, my man!