Author Topic: Purchase scenario - elderly acquaintance  (Read 898 times)

InTheSeam

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Purchase scenario - elderly acquaintance
« on: February 13, 2016, 06:52:10 AM »
I am interested in purchasing a single family home as a rental property, which would be my first real estate investment outside of my primary residence. I've been soaking up information on BiggerPockets.com and started listening to their podcast (which I can highly recommend). My primary roadblock has been actually finding off-MLS deals that always seem to go down in my area - forclosures, etc. There are many LLC-type flipping companies that acquire these properties seemingly out of nowhere.

I've been trying to think creatively about using my own connections for a potential deal and one immediately came to mind. I have an elderly customer who has frequented my workplace for as long as I've worked there. She has no immediate family remaining, and is the longtime owner of a single family home in a very desirable, urban neighborhood. She has mentioned that her will and estate would be donated to her church. When she passes away (morbid, I know but we are talking business here) - what is the process for which her property could/would be sold?

Also, I know there are many experts on this forum. How did you find your first off-the-record deal and what sources do you recommend to do so?

NoNonsenseLandlord

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Re: Purchase scenario - elderly acquaintance
« Reply #1 on: February 13, 2016, 08:03:44 AM »
Once the church gets title, they will sell it, use it, or rent it out.

Why not buy it from her, give her a lifetime lease or rent at the price she is paying now, and when she goes it becomes yours to rent.  She can donate that money to the Church right away and see it being used.

SwordGuy

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Re: Purchase scenario - elderly acquaintance
« Reply #2 on: February 13, 2016, 03:34:45 PM »
There are books and training programs that cover how to find properties.