Landlords and Your Buyers List

Ah, the good old landlords - these are tough individuals in my book! They deal with troublesome tenants and broken toilets far more than they would like. You'll find that many of them have worked very hard getting where there are. I know many landlords that hold regular day jobs because they don't usually buy right from the beginning and place just anyone in their properties, hoping to get rich off of equity and cash flow.

To me it's a catch 22, if you've got equity, it doesn't mean much unless you pull it out somehow with a loan, which then you'll have to pay interest on and means you lose cash flow. Cash flow is great, unless you're spending it on repairs and/or upgrades that tenants trash while they're living there.

Don't get me wrong, I have nothing against landlords; I just think most of them work far too hard for their money. Now, the landlords that buy right obviously don't have as many problems, but I feel for those that work their butt off trying to get ahead only to keep getting brought back down.

There are a number of ways to find landlords; I'm going to give you one of the easiest ways to do it. Go to your title company and ask them to get you a list of all non-owner occupied properties. Why non-owner occupied? Well, think about! They're landlords, that's why!

Take that list and simply mail them a postcard or letter asking them if it would offend them if you notified them of a property you had for sale in the same areas they have rentals. Ask them to respond to your phone number or email and you'll explain to them how you can sell them turnkey properties for $5k – $10k.

Do you think you'll get a few calls? Probably, and I'll tell you why. First, they're going to wonder how you got their information, and then they're going to wonder how you can sell a property so cheaply, when they've spent too much money on their current rentals.

Once you've got them calling you, I wouldn't go into detail how you buy Sub2 because most landlords have no clue what that is and if you tell them how easy and amazing it is, chances are they're going to go searching around the web and find my Subject2 e-Book and you'll lose a possible buyer. Therefore, keep your mouth shut for the most part, just simply ask them again on the phone, "Would it offend you if I notified you of properties that I had for sale" and mention most of them will already have tenants in them.

I have had a few that told me no and I'd hate to give you the impression that these methods are foolproof, but the truth is, you've got to get used to being hung up on or get used to hanging up on people.

Again, there are other ways to find landlords, there are a number of online resources that can compile a list of these types of things; just know they are out there and more importantly promise yourself you'll go the extra mile to find them. Your bank account will thank you for your hard work I promise!