The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Jon Bon on February 13, 2019, 09:01:29 AM
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Has anyone had any success finding a house by 'cold writing' the owner?
I get the infamous yellow letters every month which go right in the trash. I am talking about a more about a target approach. There are maybe 6-8 houses in my neighborhood that are owned by old folks, hoarders, etc. Houses that are very undervalued that I would be willing to take on. I would write a specific letter so they know I am a real person in their own neighborhood who has actually seen their house before.
My neighborhood is highly desirable, and inventory is very limited. So I was thinking this might be something worth trying? Or just a terrible idea?
Curious about your thoughts!
Thanks
JB
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I'd just go knock on doors instead - if you know the specific properties and are a familiar face in the neighborhood, I think face to face is going to work better.
But sure, letters are worth a try. I personally find unsolicited letters a little creepy - I'd much rather talk to someone on the front porch. But that might just be me.
-W
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I thought about doing this, for my daughter who wanted to buy a house in our neighbourhood to live in. If you're looking to flip, I'm not sure a personalized letter will come across any differently than the infamous yellow letters. So Walt's idea of a visit in person might be better. OTOH, I know some elderly people who'd be VERY reluctant to open the door to a stranger, especially of that stranger were a strong-looking young man.
My daughter, btw, bought a fixer-upper before I wrote any letters. She and her husband did the minimum to make it habitable, then moved in while they slowly fix up the rest. They've gotten several letters offering to buy their "abandoned property."
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@Jon Bon Sounds like you have a good opportunity on your hands. I totally agree with @waltworks & @AMandM - go knock on some doors and make that personal connection.