This weekend, I took the plunge and sent out a mailer - I focused on tax delinquent property owners of vacant lots in a nearby county, and sent out 80 focused letters with blind offers. I attached a post-it note to increase response rates as well (“Hope to hear from you soon!”)
My question is, for the offers, I used a formula to ensure my offer + taxes owed totaled 60% of the assessment value. After seeing others’ comments, it sounds like this might be on the generous side? I wanted to err on offering to high rather than too low, to test response rates and ensure responses came in. Would love to hear feedback.
Hi @Ryan Pope . We've been sending offers to owners since 1999. For us targeting owners of back tax property has proven to be ineffective compared to sending offers to every owner in a micro market.
For every 150 offers sent to land owners, we pick up a property for about half of what we sell it for immediately. For houses, it takes about 1,500-2,000 offers.
Hope this helps and please post here the results of your initial campaign. No matter the results, you have clearly caught on to the concept. Don't give up. You will succeed.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.