So we just bought another vacant house from an out of state owner for exactly what we offered. Here is the “Love Letter” that went with the offer. We also use this letter on any offer we make through MLS. This letter went on our personal letterhead and I sent her the letter and the offer via email. Of course what you say in the letter will vary by what kinds of repairs the home needs.
“Thank you for the opportunity to take a look at your home. We understand that the offer we are making is below your asking price for this property but we would really love to own this home and we would be responsible for all of the repairs so there would be nothing more for you to do to the home.
The home has been nicely updated but it has a couple of issues that need to be addressed. The biggest problem with the home is the condition of the roof. We would like you to consider our offer based on the following.Home needs:Possible Termite Treatment (last inspection was 2014)New Roof (our roofer looked at the roof and gave us a bid today)Replace screens on windows (Several are missing screens)Replace Exterior doors
We are cash buyers, we are buying the home in as/is condition so you don’t have to do any other repairs to it and we can close as soon as you would like to. You don’t have to worry about someone who is trying to get a conventional type of loan, especially with the condition of the roof. And we are ready to close when you are. We think this home is wonderful and we thank you for looking at our offer. We are hoping to be able to purchase this lovely home even though our offer is lower than your asking price.
Sincerely,Kathy and Jay Kennebrook”
Now when you are using the Love Letter there are certain perimeters that must be met the real estate investor. For example it can’t contain any questionable language, it can’t be racial, political or religious in any way. Just make it short, sweet and to the point. Use a font they can read.
Don’t use industry jargon like “I can take the home subject to the existing mortgage” Sellers don’t understand what that means. Don’t insult the seller and don’t insult the home. Using this letter will definitely increase the number of properties you are buying! For all the information you need on finding all the deals you need for your real estate investing business, check out my website at www.marketingmagiclady.com. My Marketing Magic System will provide you with 12 very targeted direct mail campaigns and 24 additional marketing techniques with samples of all of them.
Don’t Forget-BRIC Monthly Meeting Thursday June 9 for the Real Estate Investor
(Boca REIA) with David Dweck
Please join us at BRIC for the Summer Social Where Kathy Kennebrook will be Presenting her “Marketing Magic” Find all the deals none of your competitors know anything about using highly targeted direct mail in addition to 24 other strategies!!
The Meeting will be at Hagerty Garage and Social starting at 6 pm. Networking and light bites will be at 6 PM
You DO NOT want to miss this one!!! We can’t wait to see you there!!!
Yesterday we got our lists for the tax certificate sales coming up in the counties we buy in here in Florida. Folks if you are looking for potential vacant land deals, NOW is the time to begin your targeted direct mail campaigns to these very motivated potential sellers, especially if you are here in Florida.
If you live in other areas, these list dates will be different for you. These are some of the most highly motivated sellers we work with. It has the address right on there for the seller since these are the addresses the tax bills are mailed to.
I go through the list carefully and pick out potential sellers of properties I might be interested in. Here in Florida you can go online to the property appraiser’s office and look the properties up by the tax ID number. The last mailing I did, we sent out 147 pieces of mail and we created 8 profitable deals. These are HIGHLY motivated sellers of vacant land!!!
In my system Vacant Land Gold I explain to you step by step how to acquire and either sell or lease these excellent deals. I include all the contracts, the disclosures, letters of intent, how to find the pieces of land, and all the information you need on selling or leasing vacant land. If you go to my website you can grab your copy at www.vacantlandgold.com
You also get ME for one full year to help you get your deals done. Everyone tells my system is way too inexpensive but I want you to have the opportunity to do these awesome deals and add another profit stream to your real estate investing business. If you have any questions just ask!!
Advice for the Day- When you are closing on the purchase or the sale of a property CHECK YOUR HUD1 Carefully!!! I have bought and sold hundreds of homes and I can only think of a couple of closings where there weren’t mistakes on the HUD1.
Make sure you check your payoff if you are paying off a mortgage, check the per diem amounts, check any pro-rations (they were wrong on the last property I closed on just a couple of weeks ago) Double check that items to be paid outside of closing aren’t on the HUD1.
I also recently received a payoff on a private mortgage I had funded and we were overpaid by about 700.00. (Again per diem was calculated incorrectly) When I called the investor I loaned the money to he said he was so focused on that bottom line number he didn’t even check. Folks Don’t leave money you are entitled to on the closing table or in someone else’s pocket!!
For all the information you need on real estate investing and finding all the deals you need check out my website at www.marketingmagiclady.com
We are in the middle of evicting a tenant currently. This is the first eviction we have had since 2012. Most of our tenants stay long term because we provide and excellent place to live and a fair lease.
This tenant started out as a great tenant for the first two years and then we don’t know what happened. She just started breaking all the rules including choosing not to pay her rent. Rent was due on the last working day of the month and we filed a three day notice on the 2nd of this month. (There was a weekend in there) We do not fool around!
We will get this one turned around and then on to the next. We have an attorney in place who handles all of our legal matters for us including evictions. Folks your rentals are a business, do NOT get emotionally involved with your tenants or their excuses.
Follow through with whatever you lease states regarding rental payments. If a tenant contacts us and tells us they are going to be late by a day or two, we have a late fee in place to handle that situation. When a tenant completely ignores us and does not pay rent, eviction follows immediately.
This is a gorgeous home in an excellent neighborhood, we won’t have any problem finding someone else who will love the home, and this one will continue to create income for us. Today’s lesson- have your team in place in your business to handle situations like this as they arise. Stick to your guns and follow the contract you have implemented in your rental business.
For all the information you need on building your real estate investing business check out my website at www.marketingmagiclady.com