Letters to property owners...How?

[Michael Peters]

I currently own two single family rental properties and have been pretty successful with both of them.  I am now interested in garden style apartment buildings and want to start reaching out to owners of properties in my area to see if they are interested in selling.  I am asking if anyone has a template or advice on how to structure such a letter and if/how this strategy has been successful for you in the past.  Thank you very much!

[Nick B.]

Brokers will save you time but won't save you any money. They work for sellers and are obligated to get the highest price possible. 

Consider this example. A property is worth $5M at the open market but the owner is out of state and out of touch. He may think that $4M is a terrific price, considering that he bought it for $500K 30 years ago.

If a broker is involved, a buyer would end up paying $5M. If a buyer found that seller directly, chances are that he may get the property for $4M.

$1M in instant equity is worth a few years of mailing campaign.