Investor · Las Vegas, NV · Member since 2017 · 28 posts · 6 votes
Hi BP investors, just cross my condo, there is a vacant unit about a year. I don't see anyone coming in and going out. The trees at the patio are so overgrown that they already reach the balcony of the second floor unit. I found the owners of the unit who are out of state. A month ago, I mailed them an inquiry letter, introducing myself, telling them the status of their unit here, and asking if they were interested in selling it to me. So far I haven't heard from them. What should I do now? Send another follow-up letter? Send them 1-2 offers in the letter? Is it worth pursuing? Any advice/suggestions would be greatly appreciated. Thanks in advance?
Get your financing lined up before you make an offer. If you decide to make an offer, you should be ready to move on it right away. Otherwise, I don't see what you have to lose. The worst they could say is "no".
Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
7y
@Lee Zhao
What's the story behind the unit? Why is it vacant? Is it in foreclosure? Did someone pass away? If it's in foreclosure, what's the status? This is the research you need to do before reaching out to the owner. It gives you an idea of what objections they may have in their mind and allows you to address those objections in your letter.
Investor · Las Vegas, NV · Member since 2017 · 28 posts · 6 votes
7y
@Ibrahim Hughes: thanks for your suggestions! It's not a foreclosure. The property is free and clear. They had tenants before - good, bad, and eviction. The owners are an investment LLC. They did some renovation about a year ago and occasionally I saw someone in and out, and then it has become quiet for so long up to this date. Where should I go from here - try to make offers of different price/terms and wait to see what happens?
Specialist · Carlsbad, CA · Member since 2018 · 1k+ posts · 638 votes
7y
@Lee Zhao, it won't be wise to make any offer before seeing the inside condition of the property. I would send him another 2-3 mail before giving up on this property.
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
7y
Show them your approval letter. I would offer 75 cents on a dollar stating you may bump up the offer if the condition is turn key. 75% of properties in LV is owned by absentee owners.
Investor · Las Vegas, NV · Member since 2017 · 28 posts · 6 votes
7y
@Ehsan Rishat @Sam Shueh Thank you for the advice! I combined your suggestions and sent a follow up letter, offering three solutions: 1. cash purchase, 2. get someone to live at the property, taking care of repair/maintenance, and they get monthly cash flow without being a landlord (I am thinking about seller financing). 3. help them sell the property since I am an investor/agent familiar with the neighbor. Wait and see what happens. If they respond with one of my solutions, we can then go from there, negotiating price/terms.