All Forum Posts by: Michael Hamby

Hello Everyone,

We have a motel available for sale (off-market/cash) on Mobile HWY Pensacola. The property has newer updates, clean rooms, and is consistently at reported 95%-100% occupancy.

Pricing is currently at 50% of the competition, so it has major upside potential.

Asking price: $1.9 Million.

Please reach out directly for more information.  

I have found several vacant lots in my local area that I am interested in.  I have the information I need to send letters to the owners of said lots.  My problem is that I am unsure of what to write. Do I send a one page letter? Or just a postcard? 

This is a small campaign so I want to avoid paying for a service.

Any advice or examples would be greatly appreciated.

If you are local and know the area, I would definitely send a handwritten letter. Your chance of success is much higher that way. You should run down exactly what you are trying to do and why, be honest. Here is one example, but I don't know your background:

Dear Mr. Smith,

I was running the property records of vacant lots in Pensacola and saw that you own 123 Main Street. I wanted to reach out to you because I am a local investor looking to get started with empty lots in the area. I live right over on Smith Street so I know this area well and would like to develop in my hometown. If you have thought about selling, let's talk. Or if you have plans for it, I'd love to hear about that as well. - Nelson

I'll second local bank/credit union.  I have a few good contacts at local banks for commercial loans so if you need recommendations shoot me a message.

Negative: You may find shorter amortization periods with a commercial bank loan so you may want to explore other DSCR type options first if that would mess up your numbers.

Positive: Typically your local banks work well with this and various types of asset and have more decision making freedom.  Also, none that I've used have a pre-payment penalty to worry about.

Which lender was this? 

They're are nnn/ business lease DSCR specific loan programs out there. You just need the right lender. Happy to connect. This should be no issue at all.