Letter of Intent with Multiple Offers

[Michael Batts]

Hey BP Fam! Happy Friday! 

So, today was my first day driving for dollars. Made a list of distressed looking properties. Skip traced them & Called.

3/15 on the list want to hear my offer on their property. I'm now back at home creating a LOI (Letter of Intent) to send to each homeowner. I was wondering if I can include multiple offers in the LOI. I'm a wholesaler, so of course I make Cash (Low-Ball) offers, but I also want to make Seller Financing & Lease Option Offers if they'll work with me on terms.

Just wondering, could I include all the offers in one LOI or should I create a LOI for each offer?

By the way, I'm in TX.. (No Sandwich Lease Options)  So.. if anyone has any extra advice on assigning/wholesaling lease options; I greatly appreciate it!

[Michael Batts]

@Ned Carey | Thanks Ned, I like that idea a lot. I've been taking too much time trying to draft the perfect Letter of Intent for potential sellers. I think I'll stick to the simple method. Do you think this is too formal? 

Dear _______ ,

Thank you for taking the time to speak with me regarding potentially purchasing your property.

Based off the information that you shared with me and what I was able to gain on my own from the local market reports; I'm prepared to buy your property in one of the following options:

Option 1: Purchase Price: $__________  All Cash.

Option 2: Purchase Price: $180,000 Down Payment:

Terms for remaining balance. Seller to carry back balance ___ % APR. Interest only monthly payments of USD ___ with full balance of USD _____ due in ___ years.

Option 3: Purchase Price: $ Down Payment:

Terms for remaining balance. _____ monthly payments of USD _____