Today, Kevin Bupp shares how to boost your off-market mobile home acquisitions by setting up a marketing campaign just before you are going to be visiting potential properties.
By sending out a campaign by mail or by phone, you can let potential sellers know you’ll be visiting soon and are interested in taking a look at their property. Let them know if you’ve already done deals in the area to show you’re serious.
Mike: Welcome back to the Flipnerd.com REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Kevin: Hey, guys, Kevin Bupp here from the Mobilehomeparkacademy.com and The Real Estate Investing for Cash Flow podcast. Today I’ll be the host of your REI Classroom tip. And in today’s show, I’m going to discuss with you one simple marketing strategy to boost your off-market mobile home park acquisitions.
Mike: This REI Classroom real estate lesson is sponsored by Flipnerd Investor Coaching, your blueprint to investing success.
Kevin: Just to clarify, this strategy really will work for just any type of real estate, not just mobile home parks. It’s just mobile home parks is what we like and that’s what we invest in. But you could utilize this strategy for any different types of real estate investment.
Now, this one strategy, it’s worked for us many different times. It’s a way to place concentrated efforts on markets where you either have just purchased a property or you already own one or maybe that you’re looking to buy one.
This one simple marketing strategy is this. Whenever we have a property that we own in a particular market whether we just bought or whether we’re looking to buy one there or we’ve got one under contract, something that we’re concentrated working that marketplace already, what we do is we put together a very focused direct mail campaign and a cold calling campaign a couple of weeks prior to our next scheduled visit.
We just did this actually in Kentucky and Alabama just the other day, actually. I just got back from a trip to two properties that we own in both those states. What we did is we sent out a direct mail letter to all the surrounding owners in both those areas and also gave them a call a few days before our visit, just letting them know we were going to be there, that we’d love to chat with them, love to meet with them in person, that we’re looking to acquire more properties, and that we recently had acquired a property and would love to even show that to them if they had an interest.
What this does is it shows the local owners that you’re serious. You’re not just another person sending them a direct mail campaign saying that you want to buy their property. But it does show that you’ve actually taken some activity and you’ve pursued a property, you’ve actually acquired something. If you haven’t acquired anything yet in that market, you could at least say that we’re looking at this marketplace, “I’m going to be there visiting in your area in a few weeks, we’re looking at a few other properties and would love to meet with you as well if you have time for coffee or for breakfast or just a quick get together to chat about your property.”
But what this does, it shows them that you’re serious, that you have the money, that you have the ability to buy. If you’ve already bought a property there, it shows them that you know how to execute. Most property owners, when they’re ready to sell, the biggest thing that they want other than their price is they want to know that the buyer has the ability to execute. This is just the way to show them that you’re serious, that you’re an active buyer, and this works really well for us.
I’m just going to give you really quick stats. My trip to Kentucky and Alabama, we basically sent out 55 letters to other property owners. And from those 55 letters and also followed it up with some cold calls as well. From those initial contacts, we actually set up four meetings, two meetings in each state with other mobile home park owners. Haven’t bought one yet. Haven’t bought an additional property, but I can promise you that they will be leads that we work here until we actually do buy one of them.
Guys, that’s all I have for today’s lesson. I want to thank you for joining me today. Until we meet again, I want you to get out there, take massive action and make some cash flow happen.
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