Direct Mail for Purchasing FHA

[Michelle Elsaid]

Hi everyone,

I live in Orlando, FL and am currently looking for my first house-hacked, potentially BRRR, multi-family property. I am approved for an FHA loan (Keep that in mind since it often complicates things).

This has so far proven to be extremely difficult in my price range, rent potential, in safe neighborhoods. (I'm also crossing my fingers for a garage)

The thing is - my ideal properties exist - but they aren't currently for sale. So, to be a little proactive, I am considering direct mail to properties I have seen that meet these 'requirements' to see if they are willing to sell.

Anyone have experience doing this and what I should include in letters?

How does FHA complicate this process? Are owners likely to turn away?

I do have a realtor and would want his guidance through the process - what kind of role would he play and how would I involve him since I would be "finding the deal" so to say?

Thank you in advance,

Michelle

[Michelle Elsaid]

Hi everyone! Wanted to give an update - I was planning to send yellow letters the weekend after this post. During that week, I went to see a fixer upper property and was again disappointed to hear it already had 10 offers in the few days it was on the market (likely cash). I talked to a realtor who showed up at the same time - ended up getting a lead for a house not on the market but the owners were planning to sell soon (complicated family story - not worried about conflict of interest here)

So - I called the owners- and long story short I have just received back my signed contract for a triplex in College Park, FL around $160K!!!!!!!!!! It beats the 1% rule that I use in my FL market, it is at 1.4% and I will make a few hundred while getting to live in the biggest unit and renting out the other two. I am so incredibly happy and thankful for BP and all the help from people like YOU - because without it I may have found myself with a property with unfavorable returns or settling to understand things I heard like "1% is old school, can't find it anymore" and "that price will be hard to find in this area." 

@Percy N. @Sarah Ziehr @Chris Romany