I'm taking steps but need guidance

[Dave Arbaugh]

Hello BP friends!

I am hoping you guys can give me some guidance as I am pushing past analysis paralysis and starting to take steps and "learn as I go"

Background:

I have spent the better part of two years learning as I much as I can, reading, watching webinars, listening to podcasts, analyzing fake deals.... you get the idea. 

Over and over I again I heard on podcast people telling me that I just needed to be brave and actually start taking steps because if I waited until I knew it all I would never actually start.... so I started. 

Two weeks ago, I purchased an absentee owner list of multifamily properties in specific zip codes in Omaha, NE (where I live).  I spent a considerable amount of time drafting a letter (not a postcard, not a yellow letter) that I was proud to send these people. This letter didn't promise anything along the lines that could "pay cash" or "close fast", I just simply stated that I was interested in their property and if they were interested in selling I would like to start a conversation.

I printed them all out myself and hand signed them, stuffed envelopes myself, and used real stamps, and took all 149 letters to the post office (next month's letter will be outsourced for less money and time that I spent).

I immediately received one call letting me know they just sold that property the week before. And I received another call that I have started a conversation with the owner on a duplex but right now cannot come together on the numbers.

What I need guidance with:

I received an email response to one of my letters. The owner stated that he didn't want to sell the property that I mailed him on but he had 4 other properties that he would like to sell.  He gave me the addresses to all 4 and simply asked me to make him an offer. 

I was excited and quickly left home to drive by all 4 properties.  Two out of the four are in area's that I do not want to invest in and in what I would consider "C" neighborhoods. The other two are properties I might consider. 

I sent the owner back an email asking him for more information specifically asking about vacancy rates, expense reports and an APOD (annual property operating data) for each property.  

He replied back telling me that they are all well maintained (just driving by them I would argue with that) they have had good vacancy rates but recently had to evict one tenant, and he also sent me what he called a rent roll that only had the monthly rents listed for each unit.  

I am interested in making an offer on all four units as right now my main plan is to try to wholesale a few deals to build capital and then after I have some reserves built up start buying my own properties for buy and hold rentals. 

How do I go about making offers with such limited information with the idea of wholesaling them? 

[Dave Arbaugh]

Yeah that is exactly how this experience has been. Perplexing and frustrating.  But I’m grateful for it. I have learned a ton through this one experience and I’m sure that the gained knowledge will prove just as valuable as if I actually acquired the property.