Tips for calling bad landlords advertising rentals on Craigslist

[Matt Leber]

Hello All,

I am looking to buy my first home to live in (Orlando, Florida) and to later turn into a rental property. I want to become a buy and hold investor and am looking for cash flowing properties. With this plan in mind, of course I want to buy my first home as a great deal!

I have heard advice on BiggerPockets saying that some investors will call on Craigslist listings in the rental category with hopes that the owner is tired/frustrated with the property and is willing to sell at a low price. Has anyone had success with this strategy? Here are a few questions I would like to ask:

1) Are there any specific characteristics that you look for in a Craigslist post to identify if that lister might have a higher probability of wanting to sell? (Lack of description, below market rent, bad pics, etc.)

2) Is there a good way to identify the posts of "Mom and Pop" landlords who might be a bit out of touch with technology or market rents? Is there anything specific that you look for?

3) How do these conversations generally go when you call someone who hasn't put their home up for sale? Any tips on how to structure the conversation or specific questions to ask the lister?

4) If you have had success with this strategy, can you please share the story?

Thanks everyone,

Matt