Lexington, KY · Member since 2019 · 9 posts · 3 votes
Hey BP Fam,
I am starting a direct mailing campaign for 4-plexes in my area in order to increase the inventory of properties I am seeing as I seek my next investment property.
Therefore, can you help me understand how closing an off market deal differs from closing an on market deal? I have been able to source a property list, create a sales letter, and sales script confidently, but now I want to understand how to close off market deals quickly and intelligently as I start to mail out my letters to be prepared.
What best practices or lessons learned have you utilized or gathered from your off market deal experience?
Should I or do I need to use a real estate agent for off market deals?
What else do you think I should know or what would you do if you were me?
Thanks in advance for your feedback and help! I really appreciate y'all.
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
5y
I am an agent so I will give advice from my perspective. When I source off market multi family I....
First cold call/text specific areas/neighborhoods. Gather info on condition, rent, etc. Get an idea on price from the seller. I chat with one of my go to buyers so we can send an offer. From there we send a formal offer with everything we discussed. If everyone signs off on the offer we start due diligence and inspections(like a MLS deal). After due diligence we close. Biggest thing is to add people to excel or a CRM to keep in touch. Not everyone is ready to sell off the bat but follow up is key. People get bugged like crazy, what I learned is to keep it short and sweet.
Lexington, KY · Member since 2019 · 9 posts · 3 votes
5y
@Caleb Brown I really appreciate you sharing your perspective, very helpful. Specifically around the contract/title transfer, do you work with a real estate attorney to draft something up or just go to a title company? I am unsure of the best legal way to close a deal and have begun asking for some local referrals.