Hello all, hoping to pick a couple brains here, or maybe hear some "past experience" stories.
I currently own 2 multi-family properties, a 3 unit residential and a 4 unit residential so I consider myself still pretty amateur and more of a part-time investor as I do still currently have a full time job. I am finishing up some renovations to the 4 unit, which I purchased just about a year ago. I have been combing through the MLS pretty vigorously for the past 6 months, expecting not to see much listed at even a starting point for asking price. I have been looking into some direct mailing options, more on the smaller side and more personable approach. I live in a smaller city in Massachusetts of 100k population within 25 sq miles or so, so I don't plan on mailing thousands and thousands of letters monthly, instead I have been doing some personal driving for dollars and looking for distressed MFHs, high equity, previous sale of 10+ years etc etc. My question is that has anyone had experience with direct mailing as a contact tool, who was not a cash buyer. My planned strategy was to use conventional financing (20% down of purchase price), I have a private lender who would lend for renovations, and then when all was buttoned up, would refinance their loan + Fees and Interest. I have no problem leaving 20% of my personal finances into the game and almost prefer to for an appropriate buffer with equity etc. I just don't know if anyone has had this personal experience with any success. If needed i could go full cash purchase with the investor lending for rehab costs, but would prefer not to. Im asking if anyone has had any success down this specific road? and if so how did you attempt to make your letters still appealing without the whole, "buy cash, buy now" strategy?
