The Fine Tuned Miserable Landlord Letter - Posted by Tony in CT

Posted by Natalie-VA on May 12, 2006 at 10:18:21:


I think you picked up on a very important part of investing: throwing 100 balls up in there and seeing how many you can catch.

My husband and I say that we are throwing spagetti up on the ceiling and will see what sticks.

The point is not to get emotionally attached to any one deal. Make good, reasonable offers and move on.


The Fine Tuned Miserable Landlord Letter - Posted by Tony in CT

Posted by Tony in CT on May 11, 2006 at 14:36:20:

Hello All,

I’ve read the threads and seen some great ideas on
how to located rental properties. I am just getting
started and the first method I am going to work is
the gather-eviction-info-and-contact-landlord method.
Does anyone have suggestions on how the fine tuned
letter to these miserable landlords might read? I
don’t want to be too aggressive but want to get them

Thank you for the ideas!

Work it Smarter (long-winded…sorry) - Posted by Jimmy

Posted by Jimmy on May 12, 2006 at 07:39:22:

nice idea. Maybe we can refine the concept a little, so your efforts have a better shot of scoring.

First, identify exactly what it is you want. a single family rental? 40 SFR’s? 15 duplexes? a 100 unit apartment complex? This will help you throw your net in the right place.

Second, identify the areas near you where you can find these types of properties. Maybe they are everywhere. But maybe thay are concentrated in a few locations.

Hit the county tax records and identify the owners of properties that you like. Then make contract. A letter is fine. If the person is interested in selling, they might pick up the phone and check you out. But a more personal contact will earn you some credibility points. This requires some work on your part.

If what you want includes low income tenants, talk the Director of the local Housing Authority. They deal with many, many landlords. Ask if they know any landlords wanting to retire/sell whatever? I got a deal this way last year.

Put an ad in the newspaper. “Sick of Landlording? We Buy Portfolios” or whatever.

and definitely read the for rent ads and work backwards (as the other person suggested).but analyze the list of available rentals first to make sure they are something you want.

talf to everyone you know in any construction-related field. plumbers, electricians, property managers, roofers… they know the landlords, because they work for 'em. the PM’s can be wonderful (they have a long list of landlords as clients), except most are brokers, and will want to stick their noses in the middle of your deal

I have done several multi-property deals where I helped a landlord get out of the biz.

  1. dead landlord was the first. and it was listed. can’t brag about it. don’t forget to check listings. sometimes they render good deals. that one was 10 properties and 18 units

  2. newspaper ad was the second cluster deal. another no-brainer. just read the real estate section of your paper every day. I do it online. costs me nothing.

  3. third cluster was listed. owner was a 90 year old broker. 8 units. ok. listing came through again.

  4. another deal came from a plumber buddy. another plumber had 5 houses and wanted out. chalk one up for the network of tradesmen.

  5. biggest deal was a 20 propery/40 unit. somewhat of a fluke. my attorney was handling a foreclosure for me. she mentioned that another of her clients was about to foreclose on a bunch of shacks and hovels. I told her: “Shacks and Hovels are my Friends. Call your clients and see if he will talk to me” Bingo! This was a perfect situation, because I had the sellers by the nuts.

Bottom line: be creative. think. who in your area works with lots of landlords? use that person as your lever.

Re: The Fine Tuned Miserable Landlord Letter - Posted by Dons

Posted by Dons on May 11, 2006 at 21:14:33:

The average “life” of a landlord is 3 years…then they want out.

Grab a copy of the Sunday newspaper, turn to the classified section - apartments and houses for rent, and begin calling landlords. Tell them you are an investor interested in acquiring property and ask if they would be interested in selling.

You won’t even need to mail the letters and you’ll get instant feedback over the phone.


Re: The Fine Tuned Miserable Landlord Letter - Posted by Sailor

Posted by Sailor on May 11, 2006 at 20:17:36:

As a miserable landlord myself, I don’t respond to form letters.


Re: Work it Smarter (long-winded…sorry) - Posted by Tony in CT

Posted by Tony in CT on May 12, 2006 at 09:36:56:

Thank you Jimmy. The long winded posts are the best, they are the ones where great ideas come out. I know my ideal area to invest and was thinking that I need to make a list of every eligible property and all of its details. Then contact the owner and maintain a database of all interactions, etc. Maybe he will be ready to sell now or maybe later but he’ll know who I am. It seems like everyone that is having success like you, is throwing 100 balls up in there and seeing how many they can catch. Great ideas here, I saved a copy of the post.