Making offers to Direct Mail responders

[Allyson Straka]

Hello BP,

We have successfully sent out a small batch of mailers directed to absentee multi-family owners who have had the property for 10 years or longer and were interested in selling. So far, I have received 3 calls from owners who may be interested in selling. 

My question is in regards to the process of making an offer to the seller. For instance, the one owner called and asked how much I was willing to offer. I told him that I will drive by the property and discuss with my business partner and then call him back. Without being able to see the inside or know pretty much anything about the building how am I to really make an offer?

Do I make an offer and then figure this information out during the due diligence period and adjust the offer if needed? Or do I not make an offer until I figure this information out, by first viewing the property with the owner (2 of the owners are out of state)? 

Any advice/direction would be appreciated.