Reaching Out To Owner of Vacant Home

Nashville, TN · Member since 2020 · 6 posts · 0 votes

Hello everyone. I have found a distressed home in my area that I am interested in buying for a live in flip. The house has weeds grown up and is very obviously vacant. I was able to find the owners contact information online as well as their primary address. The owner is an older gentleman that lives with a relative that appears to be his son.

What suggestions do you have for reaching out to someone out of the blue? Would a phone call be best to start or perhaps a letter to their primary residence? Any tips on what to say and what NOT to say? Thank you all in advance!

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Todd Powell

Rental Property Investor · Corvallis, OR · Member since 2018 · 840 posts · 1k+ votes

@Andrew Champion I have bought many off market distressed properties, and the key is to find them and build rapport. Writing has never worked for me, but a call and ideally face to face is the best. One time we drove one hour on a Sunday and knocked on their door, and within 3 months, we finally convicted this man to sell us his property months later. It was a run down vacant 4 plex that had sat for 13 years deteriorating, but I presented terms to the seller and found out what his hot buttons were. We ended up doing $40K down and owner carry on the $210K balance for 20 years at 4% interest. The key to closing these deals is creating a win-win and solving the sellers problem. So, owner carry, or maybe cash out for your seller, or owner carry until you fix and flip, or do a refi and hang on to it. I have done all scenarios, and friendly negotiations face to face will override ANY letter you can write. Best of luck!

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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
6y
@Andrew Champion a simple phone call will work. I can bet you will not be the first to call the seller out of the blue to buy his property. Simple jump on the phone, tell him what you plan to do with the house, schedule a face to face meeting if possible, offer him your best offer ($) and let him know the benefits of selling to you. If no luck with the phone call, send him a mail and explain why you want to buy his house. Do not forget to include your phone number and website (if you have one) in the letter/postcard.
Overall, make it easy for the seller to sell to you.
Goodluck

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Todd Powell
Rental Property Investor · Corvallis, OR · Member since 2018 · 840 posts · 1k+ votes
6y
@Andrew Champion I have bought many off market distressed properties, and the key is to find them and build rapport. Writing has never worked for me, but a call and ideally face to face is the best. One time we drove one hour on a Sunday and knocked on their door, and within 3 months, we finally convicted this man to sell us his property months later. It was a run down vacant 4 plex that had sat for 13 years deteriorating, but I presented terms to the seller and found out what his hot buttons were. We ended up doing $40K down and owner carry on the $210K balance for 20 years at 4% interest. The key to closing these deals is creating a win-win and solving the sellers problem. So, owner carry, or maybe cash out for your seller, or owner carry until you fix and flip, or do a refi and hang on to it. I have done all scenarios, and friendly negotiations face to face will override ANY letter you can write. Best of luck!
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Andrew Champion
OP
Nashville, TN · Member since 2020 · 6 posts · 0 votes
6y
@Wale Lawal you made a great point about me likely not being the first person to contact them. I called and ended up leaving a voicemail but I plan to follow up in the future.
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Andrew Champion
OP
Nashville, TN · Member since 2020 · 6 posts · 0 votes
6y
@Todd Powell thank you for your suggestions!
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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
6y
Originally posted by @Andrew Champion:
@Wale Lawal you made a great point about me likely not being the first person to contact them. I called and ended up leaving a voicemail but I plan to follow up in the future.

I knew it because I do the same thing to acquire some property. Don't give up.
You can read my post of finding deals here: https://www.biggerpockets.com/...
Goodluck Bud!

[email protected]832-776-9582 Podcast Guest on Show #469
NETWORTH BUILDERS5236 Reviews
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Ferry Vendy
Rental Property Investor · Atlanta, GA · Member since 2020 · 47 posts · 7 votes
6y
@Todd Powell hi, such an interesting story.
Would you be willing to share the full story?
- What exactly did you say during phone call?
- what was his hot button?
- why it took months after you reach out before he sold it to you?
Thank you
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Todd Powell
Rental Property Investor · Corvallis, OR · Member since 2018 · 840 posts · 1k+ votes
5y
@Ferry Vendy sorry I never noticed your comments until today. The deal I cited I did not call but rather drove to his house. It was a 45 face to face on the sidewalk. I then followed up several times ans eventually got a meet up with my wife and met at his property. I figured I had a 95% chance after viewing and sitting down at a nearby picnic table and presenting my 3 options, all of which would have worked for me. Truth is, he told me after I closed on it that the day we met I only had a 5% chance. The reason that it was more successful was there was a squatter living inside who had stolen goods and had vandalized the place. Wow that worked well for me. He said thousands of people had written him letters trying to buy the property. I had realtors also tell me I could never buy it so it only motivated me more. We found some common interests and I told him it was his chance to be the bank and make interest. He was tired of being a landlord and had gotten burned many times and let his properties stay vacant as he had zero loans and felt they would still appreciate. I know very strange thinking but he had plenty of money. The key is listening and finding strategies that work for the seller while also having them being a win for yourself. I fixed it up with $120k and today its worth $600K and pulls in $4400 month so I am more than pleased with the deal I bought in early 2017.
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