Direct Marketing for Non Cash Buyers

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Direct Marketing for Non Cash Buyers

Jordan H.
Investor · Washington, DC · Member since 2014 · 34 posts · 11 votes

Hello,

I'm currently searching for my first property. I'm looking to owner occupy a 4 unit building here in DC. So far, I've been exploring the neighborhoods I'm interested in and now have a list of a few properties whose owners I plan to contact.

I'm currently planning to finance a property with an FHA loan (or possibly 203k). I've also been reading a bit about seller financing, subject to financing, and borrowing from hard money or private lenders, then refinancing. HML only seem to be good for flips and when you find an amazingly good deal on a property to buy and hold.

Most direct marketing seems to come from buyers who offer cash and fast closings. Since I can't provide either, I'm a little stumped on how to reach out to potential sellers. As a non cash buyer, any suggestions on how to engage sellers when I mail to or call them? How do buyers promote seller and subject to financing? Is it best to be comfortable with all of these types of financing so I can be ready to use whichever fits the seller's situation best?

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    Generally speaking sellers are going to prefer a buyer with their own financing or cash.

    Have you looked on the MLS? I would recommend starting there.

    Direct marketing takes a lot of time and money. Unless your regularly buying properties I don't think the juice is worth the squeeze.

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  • Sonya Stovall
    Residential Real Estate Agent · Bethesda, MD · Member since 2015 · 87 posts · 28 votes
    11y

    what James says is true, especially in DC. Cash is King and will make you the early bird in most areas of DC. You also say, "planning" to finance this way, Are you connected with a great finance person in the area? One who can lay-out all the options you specifically have. You are right, you do not want to do HML on something you want to occupy and hold for a length of time. PM me if you want to connect and discuss further. Good luck with your search!

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  • Jordan H.
    OP
    Investor · Washington, DC · Member since 2014 · 34 posts · 11 votes
    11y

    @James Wise@Sonya Stovall

    There is not much on MLS, but I'll continue to keep my eyes open. For me, it's worth the time, money, and experience to contact a few owners. Thanks for the replies and well wishes.

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