This is a great marketing approach.

I've been told that letters aren't the most effective way to contact owners of large apt. complexes.Supposedly, the best way to get into the loop and have the first crack at purchasing larger multi-family properties before they hit the market is to (1) network with commercial real estate professionals such as Scott the CCIM (2) join commercial real estate organizations such as the IREM, BOMA, NAA, and ICSC or befriend individuals that are members (3) approach a property owner in the flesh and (4) network some more.You agree Scott?

It takes an incredible amount of time.

These are incredibly bad deals.When you say cash flow, do you really mean the difference between the rent and the PITI payment?

If the owner is still in the house our strategy is to approach them directly, treat them with respect, and have a candid conversation about the situation.

House is in very good condition with only expenses are appliances, replacing the carpet in 2 bedrooms to hardwood floors and transfer taxes (no back taxes even)...As said, as a first time home buyer not sure this is the right approach (to buy without CO and related consequncies) and looking for advise here from the investor community.

I'm a broker and I mainly work with investors and I've been approached by them asking about these deals.

In their approach, they agree with the tenant buyer on a purchase price up front.

Is that a good approach?

I use a different approach that has been working for me for over 2 years now.