MultiFamily "Yellow Letter"

[Ryan H. Joseph]

Hello BP!

I'm going to start mailing to Apartment property owners to market for my first investment property. I'm looking for a Value add / Repositioning deal. I was hoping to get some advice on a few questions I have. 

Should I mention this will be my first investment property?

Can I follow the same techniques used for sending yellow letters to SFH property owners or do you suggest doing anything differently?

How much research on a given property would you do in advance? Would it be a waste of time to do any research or run any numbers before getting a call or feedback from the owner?

Thank you for taking the time and please share any other comments you have.  

[Brian Adams]

@Ryan H. Joseph I would suggest you don't mention in your letter this is your first investment property as it serves no purpose.

At the end of the day, your letter isn't about you or your background.

Your headline, copy and CTA (call to action) is all about the seller and solving their problems.

You need to know in advance that your search for finding a deal such as Value-add deals, direct mail (DM) is only part of a bigger strategy to locate assets. You need to be calling brokers, networking, using BP, etc.

I bought a deal using DM, here is a link for you:

Bought 200+ Unit Apartment Complex, Increased Value Over $4 Mill

You can find list of owners using a service such as ListSource or a list broker. 

You should plan to mail to the same contacts for about 6 months. In the beginning, mail every 7 to 10 days. After the third mailing you can switch to monthly. Make sure you allocate enough money towards your marketing budget to mail consistently. 

Finally, and some people forget about this, think through what happens when a prospect calls you.

Will you have an answering service, will you take the calls, what do you say, how do you follow-up, etc.

Before you start spending money, make sure you map out the whole process.

Good luck