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).

My thought was to send a letter to them at the vacant property with "address service requested" on the envelope to see if I can get an updated address for the owner.

You will start seeing deals come in after you have sent postcards or letters to same people 4-6 times.Best wishes for your future success.Sharad

I just purchased a subscription that allows me to put in the address and get the name of the owner and possibly their current address and I will be mailing out letters starting tomorrow.