Getting off the sidelines.

[Leslie L.]

Hi everyone!

I have been reading and studying RE investing for about a year now and I feel like I really want to take action and put what I have learned to good use.

My goal is to start with a small multifamily property for cashflow (2-4 units) and hopefully grow from there.

I'm not starting out with a ton of my own money (have about 14k in cash) but what I want to do is find an owner finance deal so I wouldn't have to even deal with a bank (I have great credit but a short history and unstable and low income due to being a college student). RE prices in my area are fairly low and some decent duplexes can go for under 100k.

Since I am primarily looking for an owner finance deal my plan is to send out mailers to owners of 2-4 unit properties in 3 different towns close to me.

Okay, here are some of my questions. What might be the best source to get these addresses for the mailers from? I was thinking about using listsource.com. Would that be a good source? Second, what should my mailer look like as far as what I say within the letter?

I feel like one of my biggest bargaining tools I have right now is that I could tell a potential motivated seller that I have the ability to buy their property right now if they would sell land contract or I could buy with cash later this year after I secure a job after graduation and get a traditional loan. I feel like giving these two options increases my chances.

If a seller contacts me back, I want to have a list of questions already prepared so that I don't freeze up on the phone. Does anyone know where I could find a list like this or what I should ask?

Also, how would I properly verify the numbers that they give on the performance of the property? I know some sellers lie about numbers so what's the best way to get the REAL numbers?

Finally, once I go through all of this and if I find a good deal, what would be the next step? Would it be to find an attorney and have them write up the documents to actually purchase the property and would I go through a traditional title company for a closing? I have never done a closing in my life before so I don't really know how the process works.

Sorry for being so long but I just want to make sure I have all of my bases covered.

Thanks so much!