Best strategy to reach small apartment owners

[Patrick Flanagan]

I’ve had some awesome people on BiggerPockets tell me how they find small apartment buildings. The gap is convincing the owner to sell.

My question is what would you write to a owner that would make them really think about a offer. Me personally, there really isn’t much a investor could tell me to convince me to sell my 4 plex. So do I need to keep grinding until I find that one person that’s tired of their apartment unit?

Maybe I could find a under preforming 5-16 unit building that looks really run down. So I know I could add value, rehab the Property, increase rents, lower costs(all new water fixtures, water fixture flow reducers, smaller sized toilets to flush less water) then refinance the property after repairs.

Then go to them with what seems like a way over the top offer.

Let me know what you think about this “direct mail market letter”

“Hello my name is Patrick flanagan, I’m 27 and I saw your apartment building. Like my self, I see that you value real estate. The Benifits of real estate is so powerful! What if I could offer you a deal where you get a monthly check, you won’t have to manage tenants, toilets, or vacancies anymore. I understand how valuable your time and money is. So I’d like to offer to buy your property and give you the passive income of still owning this beautiful building. This will allow you to have more free time, while collecting a nice check each month.

If this is something you are interested in please call me.”

So id offer bank financing, then have the owner on a second position. So I’d owner finance a chunk of the loan and pay the owner a monthly check.