Yellow Letters to MFH Owners

7 Replies

I'm starting a DM campaign in the Inland Empire (Riverside, Redlands, Corona, etc) targeting 3-4 unit owners, ideally a fixer upper or bad management.

What are your thoughts on my planned Yellow Letter copy? How could I improve? Don't hold back.

Hi NAME,

I'm interested in buying your 3-4 unit property at ADDRESS. Have you ever thought about selling it? I could give you some peace of mind by taking over your tenants and overdue maintenance costs.

Give me a call or send me a text at NUMBER.

Thanks!

Darren Elliott

@Darren Elliott I get some that are very personalized and look to be low volume, hand addressed and hand signed. I do look at those. I would say there has never been a better time to sell. Tell them it is a clean all cash transaction. Make it a little longer maybe compliment the property or neighborhood? All the best! Let us know.

@Darren Elliott

I've seen so many stupid yellow letters here in Western Pennsylvania for my duplexes and single-families that the good ones do stick out.

This is not a good one. You are new to this and you lack the empathy to put yourself in a potential sellers' shoes. You asked me not to hold back, so this is what I think.

"Hi NAME," (What's it going to be, first-name, first-name-last-name, title+last-name)? For me, anything other than title+last name goes in the garbage immediately).

"I'm interested in buying your 3-4 unit property at ADDRESS." (Is it a 3 unit? Is it a 4 unit? If you don't have enough of an interest to already know, it's in the trash. Get anything wrong on the address, it's in the trash.)

"Have you ever thought about selling it?" (Everyone has thought about selling their property. This is a transparent, cheap little attempt to get me to think about that assumes I'm stupid. Straight in the trash.)

"I could give you some peace of mind by taking over your tenants and overdue maintenance costs." (Big of you, to give me peace of mind. In the trash. And just who the hell are you to criticize my maintenance and how frequently I do it, LET ALONE how frequently I pay my damned bills? In the trash.)

"Give me a call or send me a text at NUMBER." (Ill-bred trash, you didn't say "please." And you do money business through text messages. Loser).

Thanks! (For what?)

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You've got to be formal, you've got to be classy, you've got to be personal, you have to think hard about how what you say could be taken by someone who is demonstrate that you know something about the property to express significant interest, you've got to mention in this market that you're not going to ridiculously low-ball the owner (even though, well, of course you'll try), you've got to mention that you can close quickly.

There are so many mail pieces that say exactly this or something extremely similar that you likely won't get much traction, also make sure you have the means to buy the properties you plan on marketing to.

It seems most letters basically say the same thing more or less. Competition is so fierce that if you send a letter to someone you usually are one of many that send a letter to the same person. 😢

Originally posted by @Bjorn Ahlblad :

@Darren Elliott I get some that are very personalized and look to be low volume, hand addressed and hand signed. I do look at those. I would say there has never been a better time to sell. Tell them it is a clean all cash transaction. Make it a little longer maybe compliment the property or neighborhood? All the best! Let us know.

Thanks Bjorn. This is great. I'll incorporate into version 2.

Originally posted by @Aaron K. :

There are so many mail pieces that say exactly this or something extremely similar that you likely won't get much traction, also make sure you have the means to buy the properties you plan on marketing to.

Thanks Aaron. I imagine Riverside/SoCal is a flooded market, and so I'll need to rethink how to make this stand out a bit more. 

   I would narrow your search down to 5 properties you are seriously interested in. I would write a letter to the owner asking if I could buy them a coffee or lunch and get their opinions on investing and owning multi family properties in that area. Play it that you want to learn / looking for a mentor. Over lunch or coffee you can make the personal connection and let them know you are interested. Ask them if they know of any good deals, they may have friends and family that will make you an off market deal. Afterwards stay in touch, call / visit every 3-6 months. Get their input on what you are working on.

The best deals never get listed. You don't want to be outside, you want to be an insider for deals.

You won't get anywhere with mass mailings IMHO.