I have my first potential property and need help!

Land Investing
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Hello! My husband and I joined the masterclass in February and are excited to be starting a side gig in RE. We sent our first blind offer mailer out a couple of weeks ago and are starting to get calls. Yay! We got our first potential lead on a nice 1.2-acre property in FL. It has a dirt road for access. It has a lake/pond adjacent to one side and appears to have utilities. We offered $4,200. Properties in this area are selling for around $16,000.
I spoke with the sweet owner living in CA who is in her 80’s. She is not highly motivated to sell and doesn’t need the money. She stated she will not take less than $5000. She has not seen the property in many years. 3 of the 5 owners are now deceased. The other living owner is in her 90’s and lives in a different state in a nursing home. Her nephew takes care of her business. I have concerns about the other living party’s nephew potentially having a Power of Attorney and having an issue with us purchasing this property as well.
Would this be worth buying or would it be advisable to walk away?

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@alanna-m congrats! As I see it here there are 3 main obstacles:

  • elder sellers: sometimes it can be a pain sometimes dealing with them
  • PoA: if a PoA is in place and the nephew is not willing to sell, that is a major concern. I suggest you to get in touch with him as first thing, and see his intentions. You could also gather some other useful info from him.
  • Probates: do you need to go through probate for the 3 deceased co-owners? Not sure how much of a struggle that would be but if probates are needed you can look for Al Nicoletti on fb (he is quite a popular FL probate attorney) and ask for his advice on how to proceed and the costs. If the sale price if around 16000 $, you can buy for 5000$ (nephew is onboard), and probates are actually needed, I believe that, after all expenses (attorney, title company, marketing/seller’s agent) you might expect a 5000-6000 $-ish profit in exchange for some work. Not a bad pay day in my opion and a lot of lessons along the way.
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@arturo I will be making calls today to ensure I can list it for what I want, then we will go from there. I will reach out to your contact on FB! Thank you for the great information and support!

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