Hi All,
I am looking for some input from investors out there as to how to approach another investor about their property. I was driving home one day on a different route and noticed a distressed looking property. I went straight home and began researching it. Turns out it had recently been sold well below market from the foreclosing bank to an investor about a 2 1/2 hour drive from the home. I showed it to my wife and she loved it. Too much. She would love it for a primary residence. Truth be told I would too. We have considerable equity in our home because we bought near the bottom during the crash. My ideal situation would be to get the investor property and sell my own property, then use the cash to put down and do whatever rehab is necessary to the home. I would then be able to refi out considerable equity and begin investing myself with cash.
Long story to get here, but my question is, how should I approach the investor to inquire about the property? Should I write a letter? Should I attempt to contact the person by phone? From an investor's point of view, what would be the best way to contact the individual and what should message be? Basically my goal is to get the property at a decent wholesale price that would make the investor money, but leave some on the bone for us. Your input is greatly appreciated!!!
