Personalized Direct Mail Intro Question

6 Replies

So I've decided specifically where I'd LIKE to start buying rentals, but, as expected, there's nothing for sale (and if it were on the market, it'd probably be overpriced anyway).  Thus, my wife and I figured we would mail some/all of the owners of the small multi-family property (2-4) owners and see if they might want to sell.

The letters will be handwritten and concise.  In the letters will be the typical phrasing like, "I am interested in buying your house..."

My question is more a multiple choice, but with the caveat of a "D: other" which you can fill in if it so pleases you.  Which phrasing do you think would yield the best results (and why)

A. I am interested....

B. My wife and I are interested...

C. My husband and I are interested...

D. Other

I ran this by my investor friend and he recommended I go with a "my family is interested..." and to included a pic of the fam. (my 11mo and 2.5yr old kids are crazy cute btw).

So what do you all think?

Thanks!

The letter idea sounds great. It's the Horsey Letter on steroids. Why are you buying rentals in Ohio if it's a stupid plan? Pennsylvania has a 10 day eviction law. Why wouldn't you do rentals in Pittsburgh?

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Originally posted by @Davyd Ramirez :

The letter idea sounds great. It's the Horsey Letter on steroids. Why are you buying rentals in Ohio if it's a stupid plan? Pennsylvania has a 10 day eviction law. Why wouldn't you do rentals in Pittsburgh?

 Sorry Davyd, I'm not following you.  What do you mean by 'if its a stupid plan?' 

And I'm not investing in PA because I don't know the area. 

in my mind a stupid plan is a plan that I know will not work. You said your plan is to go after over-priced multi families that are not in distress and get a deal and that it probably wouldn't work.

I live 2 hours from Baltimore. I studied the market for six months and I have purchased two duplexes in the past month with $100k of equity in each. My home market is all McMansions with 5% appreciation and a huge discount is 10% off market prices. There is no money to be made in the highest paid couny in America. I had to pick a different market.

Originally posted by @Davyd Ramirez :

in my mind a stupid plan is a plan that I know will not work. You said your plan is to go after over-priced multi families that are not in distress and get a deal and that it probably wouldn't work.

I live 2 hours from Baltimore. I studied the market for six months and I have purchased two duplexes in the past month with $100k of equity in each. My home market is all McMansions with 5% appreciation and a huge discount is 10% off market prices. There is no money to be made in the highest paid couny in America. I had to pick a different market.

Ah, ok, I understand now.  The Columbus market is so hot now (mostly) everything on the mls is overpriced, imo.  What I was trying to get at (and perhaps failed), was that instead of waiting for a property to come on market, I would approach the owner directly and try to work out a mutually beneficial deal.  I absolutely will not overpay for a property.  I'll wait another year if I have to to ensure i make money when I buy it and what i buy will cash flow.

So while I don't know for sure if these letters will work, I do know it's totally worth the time even if I don't land a rental.  Just by getting my name out there it's worth it.

@Stephen Schoon

I would say any of those choices would be good for a letter. Since you are going the handwritten route, it is a good idea to make the letters feel like a one-on-one conversation with the recipient. Personal, yet informative.

Personally, I like the "My wife and I..." That gives it more of a family looking to buy, not a business. If that makes sense. 

Keep us posted on what you decide to do! 

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