Best way to acquire adjacent property to develop into multifamily

[Mark Gliebe]

So here is my scenario.  I own an investment property in Louisville, KY and I am looking to acquire adjacent parcels (specifically 2) in order to develop and build 50-70 units.  I have made contact with adjacent property owners, but have given them verbal offers and both them did not even counter with a price. Through our conversations I know they are both willing to sell so its not a matter of if, but when.  What is the right negotiating tactic?  How do other seasoned commercial investors approach off market owners who have not seriously flirted with selling until you approached them?  Thank you and look forward to hearing everyone's advice.

[Tj Hines]

@Mark Gliebe

What is the right negotiating tactic? (You can always offer all cash to make the offer more enticing. In this space it may take a little time to build rapport and trust with the seller that will sell to you. Follow up with direct seller off market deals are key. Follow up with a nice card or 1-2pg letter, thanking them for the opportunity. It's Holiday time so a thanksgiving card or Christmas card helps. It's all psychology. May be even send a small care packet)

How do other seasoned commercial investors approach off market owners who have not seriously flirted with selling until you approached them? (See above answer)