Two weeks ago I sent the letter of intent to purchase multifamily property asking a broker to respond in 7 days.

well, if that is there legal basis that it is Act of God...then that makes sense.There is really not much you can and nor should you do.If the tenant is still inquiring, have your PM company or insurance compan send them a letter that they have investigated the matter and their determination is an Act of God and therefore the Tenant's responsibility.

My friend that has recently taken up direct mail to pull in leads for a few of us investors in our area is spending about $1.20 per letter for a campaign of 1000 homes.

So we talked and I made him an offer...My offer was 42k(his sale price) for a 5yr land contract and a balloon for the remaining balance in month 60(3k) He said he needed $650 a month and before his mother moved in rent was $750.He countered with 48k and a balloon of 9k at month 60 (comps in area 50-60k)The property is in good condition (2bed 1bath attached garage)My exits would be sell in year 4 and cash every one outSmall refi in year 3-4Pay the 9k and keep as a rental.Keep in mind there is no money of mine in this deal other that closing cost with my Attorney.If his bank calls the mortgage Due I'll sell or refi myselfSo is the extra 6k he is asking for worth it?

Ex. 95k note, 10 years, 10% no balloon.

Let's say the gap of employment is small (2-3 months time frame before you get a job in your line of work) you'll just have to send in a letter to the lender explaining why there was a small gap of time you were "unemployed" and the lender could possibly still do the loan. 

Should I use Yellow Letters, should I hand mail them or I'm I missing a step.Also I forgot to mention, I have the phone numbers for a few of them and to be honest, this is why I need Help, because I don't know what to say if I call them.What should I do next?

If the owners are out of town, send them a "yellow" letter.

@Pati Tanieluget you some financingyoull have to pay high fees but it pays off if the deal is done rightHML with letter of financing now you are a cash buyerdepending on what your going to do buy hold- flip-ect..shop around youll find someone to finance youenjoy

If you search "Panzera Realty" in the BP Marketplace section, you'll see where I've posted both sides of the postcard lots of times, as an example.Lastly, we went back and forth between using postcards and letters with handwritten addresses on the front (to encourage people to open the mail).