Underprepared to answer calls from people responding to my letter

[James Dean-Howell]

First I want to say that I appreciate all of your help and answers in advance! Thanks for your time!

I started writing letters to a list of people in my area. Off market properties. I'm a newbie and I asked one pro when I should start writing letters to look for my first deal and they said "TODAY!"

So I did. I started writing letters but now I'm actually getting calls and I have to talk to people and make offers for their houses since my letters asks them if they are looking to sell.

I am definitely not as prepared as I could be for this. I'm making mistakes but learning at the same time. Last night a caller hung up on me because I asked her for her address. Lesson learned.

So I guess I'll ask specific questions to help in my learning process.

I'm going to try letting all calls go directly to voice mail so I can at least get their name and address before I talk to them. Does that sound like a good idea? I work a full time job so It's not like I can pick up the phone every time it rings.

How do I get numbers on the typical downpayment amount and general loan terms of financing I'd potential use? I'd be buying my first house using financing and even though I've read a few books on Real estate investing including Brandon Turners' guide to real estate investing, I learned very quickly that I don't know much about loan terms, Downpayment amounts, etc.

What should I know about owner financing? Where can I learn more? What is the typical downpayment on owner financing? Where do I get these documents for owner financing? A title company?

How do I make offers to these home owners who could just sell their homes for higher on the MLS? What beneifit could I offer them as a person who called them attempting to buy their property off market that would make them want to avoid listing their property on the MLS? I'm only interested in win/win deals so I'm not looking for a deal where they could have just put it on the MLS. Especially since I'd probably offer lower than what they could get just listing it.

I know why that pro told me to start TODAY but I also wanted to wait until I was a bit more prepared. Still, now that I'm getting calls I'm in the thick of it so I need to learn fast.