Finding Motivated Apartment Building Owners

Posted on 28. Jun, 2010 by in Direct Marketing Campaign, Finding Apartment Buildings, Finding REO Deals, How To's, Multi-Units/Apartment Buildings



I’ve decided to spend my apartment hunting time finding motivated apartment building owners. Why not? I ask myself. I mean seriously I’ve been involved in real estate for 11 years now and every deal that I’ve ever done whether it was a mobile home deal, a rehab deal, a wholesale deal, sub2 deal or what have you was from a motivated seller!

Why try to reinvent the wheel right? I mean seriously all of the commercial folks are saying that a wave of commercial foreclosures are going to be coming………..how about getting to them before they reach foreclosure?




Also, I’m going to find a way to reach apartment building owners that are going through evictions. I’ve been trying to figure out how to do it in Delaware but they haven’t been making it easy thus far. I’ll figure something out though.

I think the 2 ways I mentioned above are good as well as probate deals, but the big time consuming problem that I’m thinking will arise is the fact that I’ll probably have to sift through 99.9% of single family deals to find the apartment building owner deals. Wouldn’t you agree?

I wonder if there is a way to get by that? Are there any other techniques that you commercial guys and gals use to find motivated apartment building owners?

I’ve been doing direct mail, but I’m really just sending out a mass mailing to apartment owners…I’m sure my results would sky rocket if I was sending out a mass mailing to MOTIVATED APARTMENT BUILDING OWNERS!

Soooooo fess up (please) how are YOU finding motivated apartment building owners? (Btw, going to check out some reo’s this weekend that I found on the MLS…there’s another technique. An oldie, but always a goodie!)

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16 Responses to “Finding Motivated Apartment Building Owners”

  1. Esi

    29. Jun, 2010

    Hey Carey, when I was getting a daily listing of houses from the MLS, there was a realtor that specialized mainly in commercial real estate that was sending me a list of commercial properties for sale on the MLS. You might want to try that out. Also, have you checkout loopnet.com? it’s a commercial real estate for sale website. You might find it helpful.
    .-= Esi´s last blog ..10 flipping tools =-.

  2. Al

    30. Jun, 2010

    Carey
    My suggestion would be to get a hold of the Notice of Default listings for investment properties and attack that list.

  3. Flippin' Carey

    30. Jun, 2010

    Hey Esi,

    Thanks for the tips. I actually have a couple of brokers sending me deals. So far me and the sellers have not even been close on price. I’m just feeling they aren’t the “motivated” type ya know?

    I’m also on loopnet too. I was going to stay away from reo’s because I didn’t want to get into too much work for my first multi-family deal but I think I may reconsider.
    .-= Flippin’ Carey´s last blog ..Honorable Mention on BiggerPocketscom list of Top 20 Real Estate Investing Blogs =-.

  4. Flippin' Carey

    30. Jun, 2010

    Al,

    Now would that list be in the same place as sfh’s? Or do you think they keep it separate?

    I am in PA and I was just under the assumption that everything is lumped together and you just gotta sift through it to find what you want.

    What have you found to be the case where you are? And btw, where are you? Are you involved in commercial deals or other types?

    Thanks so much for the comment and ideas! And most importantly thanks for checking out the blog! I hope you come back often and participate.

  5. NINJA INVESTOR

    02. Jul, 2010

    Hello, Flippin Carey if you want commercial deals the way to find them is… find a list to all commercial brokers like I did send them a nice letter then strap your self in and hold on because you see if a commercial seller gets in to trouble this is where they go first to try and save it I’m mean before the first 30 days of behind in payments… PS PS PS here is a secret most of the one’s on loop net are there and cityfeet.com you just got to ask the right questions see I look at 85 deals a week here

  6. Flippin' Carey

    02. Jul, 2010

    Thanks for your comment Ninja. Btw, I really love your name. Just something about ninja in a name makes it cool I think. Ya know like Ninja Chef? or Ninja Broker? It just makes anything sound better…..don’t you agree?

    Anyway, on to your tips…..great tips btw and I actually do have several brokers sending me deals on a daily basis but you know after listening to your comment I probably should reach out to more. How many do you think you’re working with?

  7. Jim the Motivated Seller

    18. Aug, 2010

    You should try bankruptcy court, divorce court, and real good one is to check are code violations. You will find motivated sellers in those particular areas.

  8. Jonathan

    24. Aug, 2010

    I think all the ideas presented here are great and I use quite a few of them myself. I am the marketing coordinator for a Cincinnati real estate investor and I spend a lot of my time organizing and finding motivated buyers and sellers through any marketing avenues I can come up with. One of the very profitable ways I have found in finding motivated sellers is by contacting my local section 8 office and getting a contact list for all their landlords. Many of them own apartment building and just want to get out of the renting game. A lot of these people are investors who are tired of renting and just want to make their money and move on and if you can offer them a fast alternative then you may have a deal. The other plus side is that many of these people are active investors and would be great contacts to keep on your buyers list. This is just one of the additional ways I quickly generate more motivated sellers.
    .-= Jonathan´s last blog ..The Secret Room =-.

  9. Flippin' Carey

    24. Aug, 2010

    Jonathan that’s an awesome idea. Thank you so much for sharing it with me and my readers.

    Thank you for visiting. I’m sure you can share so much insight with what you do in Cincinnati, so please feel free to come back whenever you like and give your take on things.

  10. Flippin' Carey

    24. Aug, 2010

    Jim, some more fantastic ideas. I’m finding that in certain states I’m finding it difficult to get the code violations and the eviction/judgment for possession houses. It’s quite frustrating. And if anyone is from Delaware that’s the specific state I’m referring to right now.

  11. Chai Tea

    19. Jun, 2011

    Great post mate.

  12. Carey

    19. Jun, 2011

    Thanks Chai! And thanks for stopping by!

  13. Toby

    22. Apr, 2014

    What is an MLS?

  14. Carey

    24. Apr, 2014

    Hi Toby,

    Thanks for stopping by first of all.

    The MLS stands for Multiple Listing Service. It’s the service that real estate agents/realtors use
    to see what properties other agents have for sale, to see what properties have sold or are pending.

    It also gives them easy access to public records. Hope this helps.

    Carey

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