Filling Pipeline Needs Help

[Vernon Trice III]

HEY BP FAMILY! At this moment I have sent some direct mail to potential properties and its not filling up my pipeline the way I would like. I need help getting deals coming in. Any suggestions? I am looking for smaller multifamily deals between 15-35 units. I already have investors willing to invest with me I just need the deal 

[Evan Polaski]

@Vernon Trice III, you are in the same boat as many.  More demand than supply.  Direct mail only goes so far.  Start dialing for dollars.  Obviously talking with brokers, who are doing the same trying to find deals to list.  And, in general direct mailers will yield very little returns, especially if generic.  You will need to become an internet sleuth.  

Secondly, pain point for most landlords are at turnover.  So instead of mailing to buy a deal, call a for rent sign and "mistakenly" ask about the property for sale.  

Third, personalize the direct mail and with research create a proforma on the property and put a PRICE on the mailer.  "Hi (real name), I am investor in the area and have a strong interest in your property.  Based on my research, I would be willing to offer you $XXX,XXXX for the property.  If you would be interested in selling at this price, please contact me at..." This shows you are not just out looking for steals, but actually willing to pay a fair price for the property.  Subtly, but don't try to hide, state that you offer is contingent on due diligence and full financial review.  Sometimes owners may not realize how much their property could actually be worth.  And, when people see INVESTOR they automatically think you are trying to steal a property from them.  But like anything, you will find more deals the more you are willing to pay, and you will be brought more deals as you build your reputation as someone that can close and willing to pay fair prices.