Updated almost 9 years ago on . Most recent reply
Off-market worse than MLS so far.
I have been trying to buy a buy and hold for several months in a very hot market where I've been getting outbid over and over again on listed properties. This lead to me to pursue a small direct mail strategy(mostly by my wife and I's actual hands) to absentee owners, of which I've gotten a pretty decent response rate, about 10+% so far. I've made several offers, but it seems the people responding are expecting even crazier valuations well above any comps because "their realtor says its worth ____" and I haven't been able to sell the advantages of owner financing well, etc.
I suppose I'm reaching out for some moral support. Is this to be expected? How do you navigate around these obstacle after putting in all this effort? Just keep searching for that needle in the haystack? How many months of repeat letters before you throw in the towel on an area and move onto somewhere else?
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do these sellers want to sell? Or do they need to sell? Or neither? Just curious why they are reaching out to you, but then referring to a realtor in terms of price? Is there something preventing them from listing with the realtor?
Keep at it. It's a numbers game. Some of the stats iv heard on the podcast from avid direct mailers is 100 offers to get 1 accepted. So for every no you get, your that much closer to the one that will say yes.