offering offers

[Elizabeth J Humphrey]

I hear alot on BP, look at 100 properties, offer on 10 and hopefully 1 out of the 10 get accepted. That being said, how would you handle it if more than 1 offer gets accepted, but you only are prepared to buy 1 property? Say you only have financing set up for buying 1 property.  Making more offers than I am prepared to make good on makes me nervous unless I know of an immediate escape route.

[Jack Butala]

@Elizabeth J Humphrey

Great question.

We make offers via direct mail on every single property that fits our criteria.

Here's how to succeed:

Select the property type you want to buy and where you want to own it.

Get a list of ALL the owners of that type of property.

Make sure there's no mortgage or financing on the property.

Send them an offer.  

With houses, send 1,000 offers out, get 50-100 calls back, look at the deals closely and buy 1 property.

We send hundreds and thousands of offers out every year.

I am buying a property this week that we sent an offer on in 2007!

If you send out a letter that says "I'm interested in buying your property" you are creating a ton of work for yourself.  

If it says "I'll buy your property for $2,000 on Friday and assume any problem you may have, no questions asked" you will make some seriously great acquisitions.

Certain owners want convenience, not price.