Real Estate Agent · Valparaiso, IN · Member since 2017 · 3 posts · 1 vote
Hello BP family! I have been following BP for many years, and I am finally taking the plunge to invest in my own properties!
There is a 4 unit building that i have had my eye on for a long time. I will need to use creative financing to purchase.
I did some digging on the owners and they are in their 70s, have owned it for a really long time, and they do not have any other properties besides their personal residence.
I want to write a letter of intent, introducing myself, explaining why and how I want to buy it with seller financing (sell your home while still making money off it monthly) but I am concerned about coming off as “scammy”. Anyone here have any advice on what to write and how to write it to accomplish my goal? Thanks so much!
I suggest getting all your numbers in line. How much you plan on charging interest, whos paying closing costs, length of loan, how much they are projected to make in interest in 3yr, 5yr, and full loan length increments. And I agree that knocking on their door is the best option if you're trying to appeal to their emotion, second calling, and then a letter. I would talk more about how you can help them, not what you're doing or want to do.
I suggest getting all your numbers in line. How much you plan on charging interest, whos paying closing costs, length of loan, how much they are projected to make in interest in 3yr, 5yr, and full loan length increments. And I agree that knocking on their door is the best option if you're trying to appeal to their emotion, second calling, and then a letter. I would talk more about how you can help them, not what you're doing or want to do.
@Hannah Trueblood I would just introduce who you are and why you are writing to them. You aren’t going to build rapport in a letter so just be direct, they might call you or they might not depending on their situation.
The probabilities are low that it works out from this one letter so if they don’t call just keep sending them a letter once a month or every other month if you really want it.
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