What is your opinion of this letter? please be brutal!

Wholesaling
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What is your opinion of this letter? please be brutal!

Yiftach Ilyov
Specialist · Tampa, FL · Member since 2017 · 122 posts · 33 votes

this is the letter i send absentee owners . tell me what you think:

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John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y

It is no different than the 15 or 20 I get every week from 50 different people. Everybody promises cash even though some are full of it and are strictly trying to assign contracts .

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  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    8y

    It is no different than the 15 or 20 I get every week from 50 different people. Everybody promises cash even though some are full of it and are strictly trying to assign contracts .

    3Reply
  • Bill F.
    Investor · Boston, MA · Member since 2015 · 1k+ posts · 3k+ votes
    8y

    @Yiftach Ilyov

    I agree with @John Thedford. I'm not a sales or direct mailing expert, but your pitch comes off as meek and non committal.

    You need to illustrate what makes you different.

    Without knowing the type of property you focus on and by extension the type of owner you are likely to deal with, I'd start with telling them more about you and why they should do business with you as opposed to an agent. Do you flip or wholesale? What is the first step in the process after they call you? How do you handle property inspections, closing costs, and all the other things that come with buying a house?

    ps. They don't owe the property. They own it. Attention to detail counts.

    1Reply
  • Adrian Smude
    Rental Property Investor · Plant City, FL · Member since 2015 · 1k+ posts · 379 votes
    8y

    The guys above said it..... nothing special... 

    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    8y

    Want to know how to take the deals away from the tire kickers and "buyers" THAT ARE NOT?

    Here is what I do: I explain everything to the seller about some "buyers" and the games they play. I go into detail about their BS 60 day "inspection periods" and BS clauses such as "subject to my partners approval". I then give them my card, tell them I am a REAL buyer, less than 10 days inspection, etc AND give them a WRITTEN CONTRACTS ALONG WITH PROOF OF FUNDS. Instead of doing yellow letters, send signed contracts only needing their signature. How many people do THAT? I bet not many.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @John Thedford  I always wondered how a letter that spelled out the subtrifuge in direct mail marketing would fly.

    IE:

    Something like this.

    High  Home owner  ( it could go two ways one with those that actually have ability to close and those that are just acting as real estate brokers  IE a wholesaler who only wants to assign)

    ANy way

    As a high equity or absentee landlord in this area you going to get a lot of direct mail from those wishing to buy your home..

    keep in mind many to most have no ability to do it.. they are simply acting as unlicensed real estate brokers they want to tie up your property and try to flip you contract for a fee.

    to enable them to do that they have to get a REALLY good price on it.. far below market value.

    its customary for these letters to have all sorts of different methods as in fake handwriting.. to little letters that looked like a 4th grader wrote them.. some will go on about how they just want to help..

    ( if your in foreclosure most will say they were there before and just want to help)

    So to be brutally honest  I am a buyer .. I need to make a profit.. I have cash please see enclosed my proof of funds ( copy of ACTUAL BANK STATEMENT)...

    If you would like to deal with the direct buyer and not a middle man please give me a shout

    Something like that.. now like John did when I did this work a few decades ago.. no wholesaler ever beat me to the deal because that was my pitch when I sat down with them.. we would go through the letters we would talk very basically about how real estate worked.. etc etc.. sometimes I would get them to call the other folks and start asking questions I put in front of them.. that got the other side stumbling.. LOL.

    I mean really we are all out to just make a deal and since we were true cash buyers we needed to put our best foot forward and that was proving we could actually close when they wanted it closed.

    I would love to see someone come up with a letter like that.

    now I still do a VERY small amount of direct mail for infill building lots.. and in a 200 to 500 letter run we usually buy one or two.. but its very professional letter.. Corporate style and no BS hey were are building in your area here are pictures of a few of our new builds in your area that have created this nice new values.. our POF is attached and call us or write us if you want to sell.. this works.

    when its been a big deal like I am buying a big farmers piece for a subdivision I have my attorney write the YELLOW letter.. you think someone gets a letter from an attorney and does not open it.. ???

    I do that because someone did that to me 25 years ago on a timber tract I owned I liked it so much we sold it to them and I used that method a lot over the years to great success.

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  • Jason D.
    Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    8y
    I have nothing other than you wrote "owe" instead of "own". I hope you didn't send it with that error. Nothing screams amateur more than spelling and grammatical errors.
    0Reply
  • Yiftach Ilyov
    OP
    Specialist · Tampa, FL · Member since 2017 · 122 posts · 33 votes
    8y

    thank you so much! i appreciate the comments and already made changes!

    0Reply
  • Account Closed
    Rental Property Investor · Friendswood, TX · Member since 2010 · 663 posts · 508 votes
    8y

    @Jay Hinrichs  Are you saying that the mail piece will say Law office XYZ as the return address and the letter is on your behalf, by the attorney? Very interesting , just want to make sure I'm grasping it right.. 

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Account Closed  in deed I wrote the letter lawyer looks at it. bless's it signs it and sends it out on his letter head and CHARGES me for it.. of course he has to make a few correctins etc. but I give him the jist and he writes it.. or you can just have him or her write it for you if they are not comfortable with it.. the I paid them.. obviously this is not he shot gun approach.. but if I was a lawyer and wanted to buy homes cheap that's what I would be doing.. do it yourself.. worked great.. for me.

    and of course like I said I was a victim of it.. I got a letter from an attorney of course I opened it.. only to find out he represented a person that wanted to buy a 40 acre timber tract from me.. we made the deal.

    I had already taken about a million in logs off it they wanted it for a homesite and I think they paid in the 200k range for it cant recall exactly it was mid 90s.. but that stuck with me ..

    So now when I look at a subdivision parcel I want and these are larger transactions if I think I need to pull that card that is what I do..

    I could see someone though hiring a new lawyer fresh out of law school and making this financially feasible to some extent depending on what your targeting.. lets say you have a narrow list of 100 MHPs that would work or 50 MF s  that would work.  hope this helps and gives a new idea to an OLD game.

    I am so sic of fake yellow letters LOL.. we get 2 to 5 a day each and every day I pick up the mail..

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  • Account Closed
    Rental Property Investor · Friendswood, TX · Member since 2010 · 663 posts · 508 votes
    8y

    @Jay Hinrichs  I love the idea, and I've been working to middle down my MHP list and i really like this in this right application .  Are then the people receiving the letters directed to respond to you or your attorney.  I really like this adea and as you outlined it has worked .  Thanks for this. 

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Account Closed  you can have the attorney direct the responses directly to you if you wish..

    find that young associate who wants a client like yourself  give them this business and other business and it should work well for you.

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  • Account Closed
    Rental Property Investor · Friendswood, TX · Member since 2010 · 663 posts · 508 votes
    8y

    @Jay Hinrichs  Thanks for your input here!  And sorry for stealing the thread but it was too interesting to pass up .

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Account Closed  I don't think we stole it the OP was looking for feedback and ideas we gave him an idea that I bet he never thought about..

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  • Matt K.
    Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    I read an article long time ago that this spam emails with misspelled words and grammar mistakes, they are on purpose.

    Basically the people that would notice them, they are least likely to fall for it, the ones that don't are most likely. So if you made it through the email and clicked them link, chances are you are buying.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Matt K.  why do you think I never do spell check on BP... one I don't care and two I type fast and three I cant keep my mind on one subject more than a few mintues

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  • Brian Pulaski
    Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    Are you a cash buyer or are you planning to assign it to someone else? If you have no intentions of buying then your letter is lying to the homeowner and I would NOT send it, but that's me. When I send letters about buying houses cash, I am a cash buyer and plan to buy the house myself. If you are wholesaling it, tell them that, don't start the possible deal off on a complete lie.

    0Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    8y

    Interesting idea. That would certainly improve "open" rates. But the arrangement would only be acceptable if the buyer was a real cash buyer and fast closer, and the attorney was in fact assisting the buyer in the acquisitions.

    What's the angle on the free mowing and cleaning front yards in the P.S. of the letter?

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  • Yiftach Ilyov
    OP
    Specialist · Tampa, FL · Member since 2017 · 122 posts · 33 votes
    8y

    @Tom Gimer Im glad someone asked! im intentionally dont attach any business card. Im mailing to absentee owners , most absentee owners would LOVE to have someone taking care of their lawn for free. im counting on people to call/text me asking for the guy's details even if they're not looking to sale. once i get them communicating ,even if they're not looking to sale(which the picture will be way clearer over the phone), ill get the chance to connect with them.

    a little trick i picked up from a Dale Carnegie book 

    0Reply
  • Brian Pulaski
    Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    @Yiftach Ilyov is there a church cutting lawns for free that you will give them information to, or no?

    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    8y

    @Yiftach Ilyov

    I have 11 lawns available for you. Call for addresses:)

    1Reply
  • Yiftach Ilyov
    OP
    Specialist · Tampa, FL · Member since 2017 · 122 posts · 33 votes
    8y

    @Brian Pulaski  - Its not the churchs doing, its an individual and a few others but technically its not the church's doing. for your previous question - yes i am planning to buy them myself as much as i can, and if success in marketing will bring me more deals than i can take i will assign them- thats not my first line of business though.

    @John Thedford hahaha i try to keep them busy in the bay area myself, if the marketing will go well they will have to make a bussiness of it:P 

    0Reply
  • Yiftach Ilyov
    OP
    Specialist · Tampa, FL · Member since 2017 · 122 posts · 33 votes
    8y

    another question - recommendations for a printer??

    0Reply
  • Steven Crosby
    Decatur, GA · Member since 2016 · 27 posts · 5 votes
    8y
    It's very cliche and does not tell much about yourself. The core of the message is to make them comfortable. it also helps to dig into research and find out why they are absentee. is it due to being out of town? death in the family? divorce? Emotions for a homeowner are always attached to their property so it's important to know the background. for something that has a lot of potential I send a bit of a more detailed letter. Here is an example of a letter I would send for a foreclosure that has responded to my initial letter or call. Dear MR Doe I would like the opportunity to make an offer on your home at (address). I understand you are facing foreclosure and would like to help you as easily and quickly as possible. I am prepared to pay cash for your home and can close in five days after the contract is signed. Please see the attached letter of commitment from my lender stating they will provide the funds within five business days of my request. I operate a business that buys houses, rehabilitates them and sells them for a profit. If I purchase the property I asked me I will need $xxxxxxx to renovate the House to updated standards. (I will then make a short list of what needs to be done) During the four months I will hold the house I calculate I will incur $xxxxx in closing costs, loan interest, real estate agent commissions, property taxes, Insurance, utilities and maintenance. If everything goes as expected I hope to make about $xxxxxx when I resell the property after the initial approve minutes. For you to sell the property to an investor, you would need to take on all of the repairs and some of the updates referenced in the cost to both. Keep in mind let's do this you will also need to get a real estate agent to list the house, be prepared to wait the typical time it takes to sell a house and pay your own selling costs. please consider my offer. I'm willing to buy the house and its current condition and do all the work required to sell it to a non investor. I believe it is a fair price for the house given its condition and your desire to sell quickly. I look forward to your reply and if you have any questions please contact me. In community xxxxxx While some may not agree with this letter it has worked fairly well. it's forward and honest and tends to comfort somebody facing foreclosure that they do have a way out.
    0Reply
  • Steven Crosby
    Decatur, GA · Member since 2016 · 27 posts · 5 votes
    8y
    I use the company Vistaprint online for most of my printing. They do good work although you may pay a bit more.
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Steven Crosby as long as your actually closing and not assigning the contracts then I think your letter is fair.. if your just using it to enter into a contract with say a bogus pre qual from a HML who will give them to anyone for a small fee or for free then no I think its right back to the old bait and switch routine which is well let your moral compass guide you on what it is.

    if your closing then I like it.. when I did pre foreclosure work before they basically made it illegal or unprofitable out here on the west coast.. many of the letters I would see in peoples homes that they shared or when I bought them at court house steps people would leave the letters on the counter.

    if someone is in foreclosure at least in that time period they got no less than about 200 plus letters and post cards..

    the ones that make you gag are the ones that come off..

    " Mr. home owner I was just like you I too was in foreclosure so therefore I know what you going through.. blah blah blah.. " and when they see about 20 of those with the same message even the dullest tool in the shed can realize 99% of the direct mail are not people out to save the day for this poor unfortunate family.

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