While driving for dollars, I saw a FOR SALE BY OWNER sign on a vacant lot. I called the number and the person on the phone tells me that he can't meet me on the property because he is 90 years old and has a hard time moving around. Right away i knew i wanted to help him whether or not the was financial gain for me. He was OK with meeting at his house. I came over, brought some soup and we talked for a few hours. He claimed a multi family complex or 3 single family homes could be built and was asking $250k. I went home that day and did some research. Turns out only two single family homes could be built and tax value of the land was $38,000. Other homes in this neighborhood are selling at $240k. I met with him again and told him what I was able to dig up. Even showed him the emails between me and a planner at the building department stating what can and cannot be built on the lot. Right away he went on the defensive, saying that I was decreasing the value of it to cut his asking price. Since our numbers were so far apart, we left it alone. I still keep in contact with him and swing by from time to time to help him around the house.
So here are my questions:
As an investor, how do you show facts in a way that doesn't make the seller feel that they are wrong for asking what they are asking?
How do you let older seniors know, as respectfully as possible, that time is not necessarily on their side?
Any help is appreciated. I come across this a lot and my deal count is at 0.
