Introducing Myself - Getting Started in Minneapolis - Buy/Hold

[Andrew Agosto]

Happy Labor Day Weekend 2021!

My name is Andrew and after listening to the first 30 B.P. podcasts I've finally gotten the hint to make a post and say hello, so hello everyone!

We've recently paid off our primary home and are now turning our attention to more real estate options with the intent to diversify. Out of all the options I've learned about, buy and hold I'm most comfortable with. My family had rental property when I grew up so I've at least been exposed to making repairs between-tenant and all the other fun landlord tasks.

With that said, it seems the current market, at least in my area is pretty tough to get the numbers to work, single family especially. I can analyze multi-family to work but currently, there is sometimes 1 but usually 0 listed.

So, my first questions is this. If I locate off-market properties in my neighborhood and find out who the owners are, what's the best strategy to engage them? I was thinking I could mail them a hand written letter and just be honest and maybe they'll give me a holler when they're ready. Beyond that I'm not really sure.

I'd appreciate any guidance or resources, or any hello's are wonderful as well!

Andrew

[Tim Swierczek]

@Andrew Agosto As Dan mentioned in his post, you are looking at a lot for work.  The fact is most sellers will sell on the market because they stand to make the most amount of money.  This means you need to find a rare seller who may or may not know they are interested in selling before you contact them.   The best way to improve your odds is to reach out to a lot of multifamily owners.  Since mailers are too expensive to use if you are only buying one house, they work if you a large-scale operation that can buy multiple at a time and purchase houses whenever a good deal comes.  Door knocking is cool but really can't be done the at scale you need to have good odds finding an off-market property.  Your phone is likely your best bet.  Call all for rent ads looking for owners who are frustrated and interested in selling.  You are going to need to call tons to find the right person but it's really the most cost-effective way for you to find what you're looking for.