Approaching a homeowner about purchasing their outdated home

[Justin Coulson]

I want to approach a homeowner about purchasing their home. It's not for sale. It's outdated and an eye sore in a red hot neighborhood that I'm very familiar with. I would love to flip the home, but don't know the best way to approach the homeowner. Door knock? Mail a letter? And should I mention price initially or just ask if their interested in selling at all? I believe it's worth around $200,000 as is. Any tips or suggestions would be greatly appreciated! 

[Mindy Jensen]

@Justin Coulson , I have a very targeted neighborhood, and walk around with my children every night. I write down addresses, and look them up in the public records when I get home. I send typed (because my handwriting is atrocious) letters that are very specific to the home. It is extremely clear that I am a person not a company (some people care about that) and that I'm looking to purchase their home should they wish to sell in the future.

I give them every single possible way to contact me, including my home address, my phone number and my email addresses. Older folks are less likely to use email and may be more comfortable on the phone. If they want to sell to you, make it easy for them.

I hand address the envelope to the actual names of the owners, not the generic "homeowner". 

Be complimentary in the letter. I received one once that made it seem like my house was a dump and it was my fault they couldn't get in touch with me. Normally, I call the number to let them know that I'm not interested in selling so they save postage. Not that time.