Started writing LOI's

[Robert Jenkins]

Well this week i wrote on two homes, both investor owned and in dire need of repairs. How do you guys deal with the owners when you offer to buy them?

So far they have all been 70+yrs old and the homes are either in terrible condition and empty or terrible condition with long time renters in them. How should i act with the owner and are these good properties to concider for rehabs. (usually owned free and clear by owner)

[Temi Akojie]

Yeah LOI's are known in the commercial field and are pretty much a waist of time in the residential. Commercial is longer and more complex thats why you do a simple Letter of intent to just say you're interested and if they accept it you do a full offer. Residential doesn't require nearly as much paper work so LOI is spit on by most real estate agents (not all) who do residential- I've heard agents say they just throw them away. They don't understand that investors make so many offers we don't have time to do a several page offers per property but they don't care.
Stick to a PA most people will take that more seriously.