This weekend, I took the plunge and sent out a mailer - I focused on tax delinquent property owners of vacant lots in a nearby county, and sent out 80 focused letters with blind offers. I attached a post-it note to increase response rates as well (“Hope to hear from you soon!”)
My question is, for the offers, I used a formula to ensure my offer + taxes owed totaled 60% of the assessment value. After seeing others’ comments, it sounds like this might be on the generous side? I wanted to err on offering to high rather than too low, to test response rates and ensure responses came in. Would love to hear feedback.
They might might sign these over for a couple hundred dollars. I have got houses for next to nothing. Don't make an offer just try and start a conversation and see what the situation is first.
Thanks John! Did I make a mistake going to blind offer route? I thought making generous blind offers would encourage responses, to provide a good proof of concept test, and we could make more conservative offers in future mailers.
*I have never done a note deal* but I was under the impression that it is illegal to approach home owners about purchasing their notes. As I understand you must approach the bank and cannot talk to home owner till after you purchase the note from the bank.
Possibly I am missing some piece of info as to why you are going about it this way.
Not purchasing notes, but purchasing the deed to the property
Join the Largest Real Estate Investing Community
Basic membership is free, forever.