wholesale?

[centexn]

I ran into a situation the other day after talking to my Mother who lives next door to a property which apparently has been inherited by the current occupant. Last Sunday after church while on a visit I had the chance to chat briefly with the owner to find out what the intentions were for the property. Didnt get very far, but basically the house is of board and batten construction which had been added onto over the years. I dont think this house is sound enough for rehabbing. However it is located in a commercially zoned area within a block of the town square. on the corner…pretty big…dont know the exact size. My thought woud be to buy the guy out for the value of the land and build a duplex…as an investment venture. How could I structure a deal where the value of the property is in the value of the land alone? Right across the street is a renovated house which was converted into a lawyers office. Any ideas anyone? I am new at this…

thanks.

[jjweidman]

The short answer to your questionis easy. Make him an offer and explain your intentions. Let him know what you intend to spend to tear down the structure ($20-50,000) and the cost of construction. Talk to him about why you’ll need to do this (ie the current condition of the property, the cost to rehab it and the likely outcome, etc.)

The only issue that you might encounter is the proximity to your mother’s house. The well known, but crude saying, "Don’t eat where you . . . " is around for a reason. You may get blow-back from the neighbor if he does not take kindly to the offer.

Just my 2 cents. Take it for what it’s worth.