All Forum Posts by: Rick Stein

That is the problem with searching the MLS; you have competition. I buy lists off www.listsource.com and send my letters to targeted areas. My best return has been with absentee owners. Make sure your letter is personalized so it says " Dear Mr./ Ms Smith, I am a local real estate investor and I am interested in purchasing your home at 123 Main st." Use mail merge. Make sure your envelopes are an off color and make certain they are hand addressed. If you use a label you have wasted your time. If I send out 500 letters, I will get about 10-15 calls. Many of them are a waste of time. Of those, I will look at maybe 5 properties and buy one. 

I hope that helps.

you might be able to find an equity partner who will put up the money for a share of the equity. Another possibility is to find a rehab you can get in the cheap and use a private lender to lend you the acquisition coast and the rehab cost. If there is enough equity ( say 35% or more) it makes sense for them take the loan for a year ( at a reasonable interest rate) and then refinance for long term financing. If the deal is strong enough, there are investors to help you. You must present a strong case though. Make sure the rents more than cover the costs so you have a healthy NOI ( net operating income) .