Well, it was a slow week REI wise. I had a really busy week at work and also was not feeling great. Also, a lot of REOs we were interested in were no longer available this week. I assume this is because offers were made, not due to the recent suspension of foreclosures. We’re going to get going and look at more properties. I am thinking we may need to start looking at less REOs, if the suspension of foreclosures becomes more widespread.
We also sent out the rest of the inheritance letters a few days ago. We also sent follow-up letters to people who had contacted us as a result of the first mailing, but were not interested in selling. I’m hoping to get some bites on those letters.
I also have been doing some private money research. I was looking at the county deed records and noticed this one person’s name show up over and over. Well, from what I can tell, this dude is a big time private money lender, lending to real estate investors and development companies. I figure I can send him a letter asking him to see if he’s interested in investing with us. However, I do want to be sure I’m SEC compliant and do things the right way. I also don’t want to look like I was stalking him or something. I need to check my PMBP course to see if there a letter template for such a scenario. I haven’t found it yet, but I only looked quickly so maybe I missed it. I need to do more research. In the meantime, I thought I’d draft a letter saying something like I noticed he lended to other real estate investors and wanted to see if he wants to invest with our company. Any suggestions would be helpful!
We’ve also been talking about changing our investing strategy a bit. Not that we don’t want to rehab or wholesale, but we are also thinking about focusing more on rental properties. We have seen a lot of good deals lately, so we have been looking at more multi-families instead of focusing on single family homes.
Have a great week!
Happy Investing!
Related Articles
- How to Buy Foreclosures with Private Money (grand-alliance.com)
Tags: foreclosures, private money, private money blueprint, REO, REOs
Hey Steph,
On sending a letter to the “big time private money lender”, what you do NOT want to do is send a letter to see if he wants to invest. That’s considered a general solicitation… and could get you in some trouble with the SEC. Because you’re soliciting investment funds from someone you do not know.
What you want to do is start off with a “foot in the door” approach where you focus on relationship building. We have two letters that you can use to do this… the “Friendly Meeting” letter and the “Buyer’s List Strategy” letter.
Shoot me an email to patrick [at] mustknowinvesting [dot] com … and I’ll send you the links to the letters.
… sounds like a great lead btw
~ Patrick
Thanks, Patrick. I appreciate the advice and the info.
I’ll also send you an email to discuss further.
Thanks,
Steph