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Door Knocking to Find Apartment Buildings for Sale

So yesterday I actually went door knocking to find apartment buildings for sale. Crazy eh? 🙂

See here’s the deal…I’m a very in-person type of person so I like actually dealing with folks and talking to them but more importantly the apartment buildings for sale from loopnet SUCK! And yes, I knew they would because they are on the internet, duh, but its just frustrating. Because of this we’re really trying to concentrate on our direct mail campaign for apartment buildings and now, as of yesterday, I’m going to add door knocking into the mix.

Kathy had to head to the airport (AGAIN) for work yesterday so after we ate lunch I went hunting for apartment buildings so I could find out if they were interested in selling. I was in a different area from where I live because we were filling out atm’s and after Kathy left I also went into a couple of businesses to see if we could place an atm there (I’ll post about that in a new post.)

But since I didn’t want to visit restaurants and stuff at lunch time, I went apartment hunting. The good news was, I wasn’t even nervous going into talk to folks. Most of the time I knew I’d run into a manager or someone like that but I know there are some owners that are really hands on and self-manage so I was hoping I may get lucky.

I must have went into about hmmmm anywhere from 7 to 10 apartment buildings yesterday. The first one no one was in the office. But I took their flyer that had info about the apartments on them plus it had the buildings main address. The idea there was to a) get to know the rents really well in the area and b) look up the apartment building address in public records and add the owner to our direct mail list.

So a few places that I went to didn’t have anyone there. Just took down phone numbers and addresses. I went to one place that they weren’t there but they answered the intercom (weird lol) Anyway, I said to the gentleman “I was wondering if the owner of the building was interested in selling?”

The guy said “I think everyone’s always interested in selling, it’s just a matter of getting the right price.”

So I said “well how can I get in touch with the owner to determine what that right price is?”

He said “you get to the owner through me. I represent him and I’ll get in touch with him. The right price for him I know is somewhere between 3.5 million and 4 million.”

I said “Ok perfect. Now how many units are here?”

He said “60. Tell you what, fax me some information on your company and we’ll go from there, but you have the right price for now.”

I reconfirmed “Ok 60 units for 3.5 million to 4 million. Great. What’s your name and fax number?”

He gave it to me. Now, my new dilemma is ummm what the hell do I send him about my company? lmao

I think I’m going to ask Chris (Chrisbuysapartments) and see if he knows 🙂 Oh and this place…has some definite deferred maintenance and is in a B/C areas I’d say. I’m not completely sure about my B and C areas. I know how to classify the A and D areas, but the B and C areas for some reason I think are a lil trickier.

I went to a few more places to see if I could find other apartment buildings for sale. No such luck. Talked to managers, etc. But believe me, those managers aren’t going to deter me. Because I don’t really believe them all of the time. a) I find it hard to believe that they know exactly what is going on in the owners life all the time and if they REALLY want to sell or not and b) I really don’t believe that they’ll tell me the truth because they may think if I buy the building I will get new management and they’ll be out of a job.

So every apartment building that I went into to see if it was for sale, when I dealt with a management person I just wrote down information and came back home to add the apartment building to my direct mail list for apartment buildings to buy.

Oh I did find a management company that actually owned a lot of apartment buildings. Mental note: don’t hire them to manage anything cuz they’d be my competition.

I found yesterday to be fun and exciting. Mostly because if I have to go to 10 places to find 1 apartment building for sale that NO ONE ELSE KNOWS ABOUT because it’s not listed with a commercial broker and it’s not up on loopnet or anywhere else, well I think it’s a strategy worth implementing, don’t you?

I didn’t get as much computer research work done when I got home because my computer battery/charger thingy just died. And my battery on computer needed to be charged. Was going to get a new one today but oddly enough it’s working today. Things that make you go hmmmmmm.

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5 replies on “Door Knocking to Find Apartment Buildings for Sale”

Well done Carey! Hopefully Chris will be able to give you some help with regards to your “Company Information.” In the end that guy might have just been trying to get rid of you, kind of like “have your people call my people”. Instead of sending him your company info, I would drum up an offer with some proof of funds doc and see what he has to say.

Well Scott, I can’t really drum up an offer on that property quite yet. I don’t have their actual numbers and expenses. I’m quite sure dude is waiting for my “company info” to make sure I’m a valid company and buyer prior to giving me access to their actual income and expense numbers.

Know what I mean? That’s the thing with apartment complexes, you really need to know the details of the property from the owner prior to making an offer, you can’t just do comps. Know what I mean?

I’m excited tho about going to see more apartment buildings tho. I just wish they were as plentiful as single family houses lol ya know?

Thats actually a great way to do it except owners are not usually on site…. I have simply called the county assessor from the comfort of my desk and had them send me a spreadsheet of let’s say all “multi family classified property over 10,000 sf in the county (or city) It is usually about $20 to $50 per list and wha bamm owners name/add and property address. Then mailmerge into MS word or a postcard mailer and you will get replies from interested owners.

Hey Tmo!

You’re absolutely right that most owners usually aren’t there…..I’m hoping for that 1 or 2 that are! It’s not my only way to look for deals of course.

We have a direct mail campaign going on too and are working with brokers. I think I’d like to try your method for developing a direct mail list. Currently, I’m using public records from the MLS (since I have access as a licensed agent) but I know for a fact that not everything is coming up.

I think I’ll definitely contact the assessor’s office tho and try your technique. Thanks for sharing it!

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