Hello All,
I'm looking for opinions and options for a property I would like to buy. I have no experience with drawing up a deal. I live in a semi rural area. I have a widower ~92 year old guy that owns some property. The land includes his house, barn, and some farm land. I've mentioned to him before about possibly buying and what he would want. Little back story about my area...The park has been buying up all the land along the creek/river down the road of the property. The owner said he would not sell to them because they would just demo everything and let it grow up. The park has made offers to him in the 500k range is what he told me. Last time we spoke he said he didn't want to leave because he stays busy there and thinks he wouldn't last 6 months in a retirement community. He has no kids so I'm not sure who is incharge when he dies. I did notice on the auditors site that he did put it into a trust recently.
What do you guys/gals think? Any good ideas or options for making a deal. I'm not trying to be insensitive but after he passes I'm sure the park will buy it anyway. I really just want the land. My plan would be to rent the house and barn, and rent tillable land to recoup some of the mortgage.
Sorry, I know I should be looking at cash flowing rentals and such but I want to be set for when the time comes to buy this place.
Thanks,
Robin
