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6 Steps To Flipping Apartment Buildings

6 Steps To Flipping Apartment Buildings

There’s a lot of talk about flipping single family houses, but what about flipping apartment buildings?

First things first….when it comes to flipping apartment buildings you have to realize that doing so is not a passive income stream. Because once you flip the apartment building you are done with it, it’s not going to bring you in any income….you’ll have to get more apartment buildings and flip them as well.

So, holding apartment buildings for rental income is passive income but flipping apartment buildings is not. Make sense?

Is flipping apartment buildings something that is possible, though? Of course it is.

And the process is the same as flipping single family properties.

1) Get together a list of investors that buy apartment buildings in the area where you will be flipping apartment buildings.

2) Reach out to them to find out what their criteria is for apartment buildings they are interested in owning.

3) Go out and find those types of apartment buildings.

4) Get them under contract for less money than the current value OR you can get them under contract for the value of the property as long as there are things that can be done to the property to increase it’s value (under market rents, deferred maintenance, etc.)

5) Reach out to your investors in step #1 when their criteria in step #2 meet what you have available with your apartment building under contract.

6) Now….flip your contract to this investor. By the way, when flipping apartment buildings you can do so with a contract or option.

And that’s the gist of flipping apartment buildings. Now, even though flipping apartment buildings isn’t passive income it can be an awesome way to build up cash so that you can then invest that cash into passive income streams like owning apartment buildings or owning ATMs, etc.

If you’d like to get more information on flipping apartment buildings there is a great training program out there from my friend Susan Lassiter-Lyons called Master Lease Options. It’s top notch material and you can use it to hold apartment buildings or to begin flipping apartment buildings. Check it out and let me know what you think about flipping apartment buildings or if you’ve ever actually flipped apartment buildings before.

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How to Find Apartment Buildings for Sale

How to Find Apartment Buildings for Sale

If you’re going to want to add apartment buildings to your passive income toolbox then
you’re going to have learn how to find apartment buildings for sale.

In this post I’ll share with you some great ways on how to find apartment buildings for
sale.

How to Find Apartment Buildings for Sale – Method #1

Drive for Dollars – Driving for dollars isn’t just for single family
homes you know? If you are near an area where you’d like to invest then you can
just drive to the apartment buildings and chat with the manager or owner if on
site. (Also, write down the address of the building, so you can send some direct
mail later 😉

How to Find Apartment Buildings for Sale – Method #2

Courthouse – Where you find apartment buildings you
find tenants not paying rent. And where you find tenants not paying rent
you find eviction filings. Check out the eviction filings for your area and
reach out to those landlords. You never know when they have reached their
last straw with non-paying tenants.

How to Find Apartment Buildings for Sale – Method #3

Commercial Broker – One of the best ways on how to find
apartment buildings for sale is through commercial brokers. Build a good relationship
with one or two and they will send you apartment buildings for sale when they
come on the market (and of course, ones that are already on the market.)

How to Find Apartment Buildings for Sale – Method #4

Loopnet – A lot of commercial brokers will list their apartment
buildings for sale on loopnet. (Hint: this is a great way to find some commercial
brokers to work with.) You can set up your own searches on loopnet so that you
get automatically emailed when apartment buildings meet your criteria.

Loopnet is usually the first thing people will mention when asked how to find
apartment buildings for sale
. Keep in mind that Loopnet is an awesome way to find
apartment buildings for sale and you can either contact the broker directly or do your
research and put the apartment building on your direct mail campaign list.

How to Find Apartment Buildings for Sale – Method #5

MLS – Normally, the MLS (Multiple Listing Service) is mostly
recommended for residential properties, but keep in mind that you will find
apartment buildings for sale here as well. Plus, sometimes you are dealing with
residential agents/brokers so a lot of times they won’t price the properties
properly. Don’t forget about the expired listings here for apartment buildings.

You could also use the public records portion of the MLS for your direct mail
campaign.

How to Find Apartment Buildings for Sale – Method #6

Direct Mail Campaign – I already mentioned a few ways that
you can add properties to your direct mail campaign list, but after you get this
list of apartments for sale (or perhaps not for sale yet) you will have to mail
to them on a regular basis as you never know when they will be ready to
sell. Be consistent with your mailings. Mail at least every month.

Read this post for ideas on direct marketing to apartment owners.

I hope that you liked this list of how to find apartment buildings for sale.

Here’s a bonus one that I just thought of:

How to Find Apartment Buildings for Sale – Method #7

Craigslist – You can do some searching around
Craigslist under the commercial real estate for sale section of the
real estate for sale section. Also, use the search feature for words
that may give you what you’re looking for: multi-family, seller financing,
etc. Things like that.

How to Find Apartment Buildings for Sale – Method #8

Property Managers –Ok so I’m on a roll lol One more for you
that can help you to find apartment buildings for sale are property management companies.

They are usually a good source of knowing when an owner may consider
selling the property. You will have to build a relationship with them and let
them know that you will still let them manage the property should you purchase
it.

Post below other ideas that you have for how to find apartment buildings for
sale and other methods that you have used to find apartment buildings for sale.

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Direct Marketing To Apartment Owners

Direct Marketing To Apartment Owners

I know a lot of folks are interested in apartment buildings as a passive income stream.

Once that’s their interest now they have questions about sending direct marketing to
apartment owners
.

I’ve sent all kinds of direct marketing to apartment owners. I’m going to share with
you a couple of direct marketing ideas here and you may use them yourself or
perhaps you have your own direct marketing idea for apartment owners that
you’d like to share in the comment section.

Idea #1 for Direct Marketing to Apartment Owners

Send a letter directly to them. Include a bold headline. Quick
text about how you’d like to buy their apartment building.
Sign it with your name, I wouldn’t really use a company name.
And don’t forget to add a P.S. (that’s the most read part of
a letter, you know.)

Place this letter in an envelope and handwrite the address and
your return address on it and use a stamp, not a bulk mailing
permit. (And yes, you can pay someone else to do this for you.)

When you handwrite the information and put a real stamp
on the envelope, this will increase the chances of your envelope
actually being opened!.

I’ve also placed an extra piece of paper in the envelope with
the letter that is a form that they can fill out and fax back to
me (just in case they don’t want to talk on the phone right away.)

In general though: DON’T FORGET YOUR CONTACT INFO!

Idea #2 for Direct Marketing to Apartment Owners

Send them a postcard. Believe it or not, it doesn’t have to be
a fancy postcard. You can just get right to the point in your
postcard.

I want to buy your apartment building! That pretty much
will do the trick. The cool thing about postcards is that
they don’t have to actually open an envelope to read it!

Test out using a fancy postcard that is very professional vs.
a non-so fancy postcard that is more personal.

In general though: DON’T FORGET YOUR CONTACT INFO!

Idea #3 for Direct Marketing to Apartment Owners

Get creative! Don’t just send a normal letter in an envelope. And
don’t just send a normal postcard. Do something crazy, something
outrageous! Something that is guaranteed to get your attention.

Keep in mind this method will cost you a little more money but in the
long run; you will get more attention.

You could send a Gigantic While You Were Out message or you could
send them a pile of fake money (you determine the nomination and
message on the bills.)

These ideas will get you noticed because I promise you; no one else
in your area is using them. (They are sending letters and postcards!)

Head over to my buddy Jeff’s site to check out these attention
getting ideas for direct marketing to apartment owners and you’ll see some other cool ideas that Jeff has.

In general though: DON’T FORGET YOUR CONTACT INFO!

These are a couple of ideas to get you going with your direct marketing
to apartment owners. What direct marketing ideas have been successful
for you when marketing to apartment owners directly?

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How To Find Apartment Building Owners List

How To Find Apartment Building Owners List

Since moving from single family to apartment buildings I always find it interesting to figure
out how to find apartment building owners list.

I mean as a single family real estate investor you can get all kinds of lists, right? Expired
listings, foreclosures, pre-foreclosures, divorce, probates, etc.

But what exactly do you look for to find apartment building owners lists? So, I’m going to
list a few that I’ve been trying out so far. You can share any ways that you may know to find
apartment building owners lists too, ok?

1) Expired listings
If you have access to the MLS, that’s the first place I would start. There should be a multi-family
section and you can check all of the expired and withdrawn listings. If you are not a real estate
agent then borrow a real estate agent so that you can borrow their MLS access. (Please don’t expect
to go up to a complete stranger who is a real estate agent and ask them if you can use their MLS
so that you can find apartment building owners! You have to build a relationship first!)

2) Drive-bys
This is how I found the first apartment owner that I ever made a MLO LOI to. (Master Lease Option and Letter Of Intent.) What I did was I drove around my area
and looked for apartment buildings. I would jot down the address and I would pay special attention to
ones that had “for rent” signs up or that appeared to need a little “love.”

When you get home cross reference the address on your public records or MLS and get the owners
name and address. Then mail them or call them. That’s a really cheap and easy way to find apartment
building owners. Of course, it takes some time.

Plus, it is still worthwhile and preferred that you find apartment building owners that may be motivated.
And if they have a “for rent” sign out they would probably be more motivated then if they did not have
a “for rent” sign out. Same concept if their apartment building appears to need some “love.”

3. Buy A List
A quick and notso free way to find apartment building owners is to buy a list of them from
a list company. There are companies like ListSource.com, REISource.come and others.

They will cost you a few bucks but you don’t have to leave the comfort of your house
to find apartment building owners and you don’t have to do a lot of investigating. Just
plug in the details of the types of apartment buildings you are looking for and voila!

4. Other Ways To Find Apartment Building Owners
Ok, so have you checked out my other post on this blog about finding
apartment building owners
that are MOTIVATED?

Check it out. But don’t just read the article. Read the comments. Some of the GoinFlippinCrazy.com blog reads
had left some pretty awesome ideas in the comments section.

Now, you have quite a few ways, a lot of which are no cost to you, to find apartment building owners.

Do you have any certain way that you use to find apartment building owners? I (we all) would love to hear about it…….

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Offers on 2 multi-units and an eviction



Do you remember my last post where I talked about finding a motivated apartment owner by reading the paper at work?

Well I read the paper again and found another gentleman who was willing to hold some financing. Sooo in the past week I’ve looked at 4 multi-unit properties. A duplex, a triplex, a quad and a 6-unit.




Quite frankly I’m not interested in the duplex at all. It just wasn’t in an area that I’d like to invest in. Not a war zone or anything but definitely drug-ville I can see. Now the triplex was ok but it’s a triplex that should be 3 residential units but apparently the boro wouldn’t let him make it 3 residential units and one of the units is for a business. It just doesn’t fit the property…..I guess I could check with the boro to see if they’d change that, but I dunno.

The 4-unit I really liked. Keep in mind that the duplex, triplex and quad were all owned by an Amish gentleman.

amish multi-family unit owner

I gotta tell you that I pulled up to the property and I was looking for his horse and buggy

I mean there wasn’t any transportation near the property and you definitely needed it to get there (of course I was assuming he lived on a farm or something.) I even asked him “how did you get here?” He said his “assistant” lives around the corner and dropped him off.

I gotta tell you folks he was filthy. I mean his hands were nasty….soo dirty. And folks will tell you well it’s because the Amish are hard workers and you know what I’m not going to deny that they are hard workers on the farm, but he definitely is not a hard worker when it comes to his rental properties. They had TONS of deferred maintenance. Don’t get me wrong he was the nicest man….really nice, calm, well-mannered, etc. but when he asked me for a ride to his other properties I kinda didn’t want to give it to him because he smelled reallllly bad. I’m not even kidding. But I gave him a ride.

So I have to do the numbers on his triplex and quad, cuz I’m not interested in the duplex. Then today I looked at a 6 unit. Veryyyy well kept property in an area that is completely new to me (actually so was the Amish dudes properties.) The 6 unit is the guy willing to hold some financing. He claims he has someone else interested in it as well…but as we all know, “being interested” and making and offer and actually going to settlement are 2 different things, right?

I’m going to do the numbers and make him an offer too. Where will we get the money for any of these properties? Hey…maybe a private money lender who wants to earn a decent rate of return on their investment. Ever since I got private money for my last 2 atms (which are doing very well, by the way) I’ve been casually talking to folks about private money.

On to my current rental property….tomorrow I will be posting a Demand for Rent notice on the property and I’m 99.99999% sure I’m evicting this tenant this month. I’m not even going to tell you his excuses because I really didn’t listen as I didn’t care. Don’t get me wrong, I’m a very nice landlord, but I’m very firm as well. And I stick to my guns and start the process when you don’t pay (and especially when you don’t call and give me a heads up as to why you haven’t paid…not that I care to hear your excuse, but it’s just a courtesy thang with me I guess……ya know?)

Anyway, I really like these tenants and apparently the hubby is asking if his dad will bail him out (mind you, the tenant is a grown man, in his late 40’s or early 50’s.) I told him that if his dad or brother bails him out this time that I would be willing to sit down with him and his wife and go over their finances with them and help them come up with a budget. Basically, the guy has a spending problem….he buys crap and then has no money for the bills.

Btw, he called me and said “Thank God I got your message before Maggie.” His wife has no idea what’s going on with their finances…he started whispering to me and said “I gotta go outside, Mags just got home.” Soooo, I told him that he needs to tell his wife what is going on and that she perhaps may even be the better person to handle the finances since he can’t do it…..I said she’s gonna know tomorrow when I put your notice on the door.

Soooo I hope that his dad can bail them out and I hope that they “fix” themselves but I’m fairly confident it’s not going to happen. I was chatting with my father tonite and he said “don’t worry, you won’t have any problem renting that place in this market.” Sooo I hope he’s right because I just did my personal budget with Kathy and paying my rental property mortgage is NOT in the budget lol

More on that in my next post. Btw, my hours are changing at the BMW job. I just asked the General Manager if I could work 9 to 6 on my early days and 10 to 7 on my late days. Reason being is that school started and I need to be here in the morning to get Joe off to school when Kathy is traveling, plus I want to get home at a relatively decent time to go over his homework with him and get him to bed at a decent time. The GM was fine with it.

P.S. I’m doing ok with my diet and exercise routine. Well I don’t want to call it a diet, it’s more of a lifestyle change where I start eating better………and I’m doing better on that aspect moreso than the exercise routine, but it’s cuz I’ve been so tired from working my tail off (work work and then atm’s.) This week will be better hopefully.

P.P.S. And yes, I’ve been losing weight. hehehehe

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Found a Motivated Multi-Family Seller & Half Empty Nester



Well I think I found a Motivated Multi-Family Seller….more on that in a moment. So Kathy and I are officially “half empty nesters” lol

Friday we both helped Brandon move out of the house and move into his new home….Immaculata University. Every other week now Kathy and I will be all alone at the house (unless she’s traveling for work of course.) As you know, Joe is at is dad’s one week and our house 1 week…..so we’ll have him every other week at least.

I gotta tell you guys…I was really excited that Brandon was moving out. Him and I haven’t been seeing eye to eye lately….I won’t get into why, but his last week here in the house I was really impressed with all of his initiative that he took and I think he found a new maturity and sense of responsibility that last week. (I think a part of him was doing it to say to his mom “I’ll be ok, don’t worry about me.”)

Anyway, I gotta tell you….Kathy is away now and I’m home with the kitty cats and it is Q-U-I-E-T around here. I mean seriously. It’s crazy….I mean Brandon and I may not have gotten along a lot lately but darn at least we were both here to talk to one another lol This is definitely gonna take some getting use to for sure. He stopped by today and I was all excited to see him lmao He didn’t stay long tho but that’s ok….he’s having fun. He starts school tomorrow.

Oh and on a Joe note….I drove Joe and Kathy to the airport Friday nite and I kept saying how I was tired. Joe was psyched to get on a plane (he’s 10, remember?) Anyway, Saturday morning Kathy tells me that Joe was worried about me last night (friday when I dropped them off) and I asked her well how do you know he was worried about me?

Kathy said Joe just started crying and Kathy’s looking at him like wtf? lol And she asked him what was wrong and he said “I’m worried about Carey. I”m worried about her driving home, she said she was tired. And I wanted her to come with us.” So Kathy told him not to worry that I’d be ok and that she told me to text her when I got home. He said “ok, well make sure you let me know when she texts you she’s home.” lol Cute kid, huh?

Ok now on to the Motivated Multi-Family Seller…..when I get to work I’m there an hour before the sales guys get there so I read all of the papers that we have delivered to us. Well I found an ad where a few places were listed for sale. I called and they have single family houses and smaller multi’s for sale….duplexes up to a quad.




And I was talking to the seller and after he tells me his prices….I’m quiet and just waiting for him to talk more. He said “but uhhhh ummmm that’s just the asking price, I would take less. You can make me any offer you want, ok?” 🙂 (Yes, ok. Thanks!)

Anyway, I got an appointment to check out 3 of his buildings tomorrow after work. Hey maybe we’ll have another “What would YOU Do” post.

On the eating and drinking end…..I just made a smoothie with Kale, Collard Greens, Spinach, Banana, Grapes, Blueberries, Raspberries and Almond Milk in it….and let me tell you it looked like shit, but it tasted absolutely AMAZING. Yummmmmmmy.

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Idea to find Motivated Apartment Building Owners



I’m off today from BMW and Kathy and I are getting ready to check out some bank-owned apartment buildings but something occurred to me while I was looking for these bank-owned properties on the MLS………..

expired apartment building listing

Yeah folks…..EXPIRED LISTINGS for apartment buildings. Can you say duh? As I’ve been having discussions with myself, and yes I really do lol I have to remind myself to get back to the basics! Look at EVERYTHING you did with single family homes and mobile homes to find motivated sellers and of all things I forgot about expired listings (and I’m going to add withdrawn listings in there too!)



With that said, I found some expired apartment buildings on the MLS and they will now be a new part of my “finding deals” system. I will immediately add them to my direct mail campaign. Actually, now that I’m typing this I think I’ll send them separately so I can track them better. Can’t believe I didn’t think of this sooner? Do you ever find that when you decide to take on something new that you over-think things? That’s definitely me for sure.

Good thing I’m back on track with my thinking. Working a 40 hour work week for someone else for 2 weeks now sure has a way of bringing out your thinking cap!

Guys and gals I have to tell you that I am more psyched than ever before now. I think I got this “work” pattern down at BMW, my body is now accustomed to getting up early even on my days off and I totally feel better “emotionally” knowing that the bills will get paid. Add to all of that that I do not like working a “normal” job and I’ve got huge motivation written all over me.

I haven’t been this excited since I wrote my freedom post. It’s on like donkey kong now!

it's on like donkey kong

Who’s got anymore ideas that I’ve been missing? The last post I made a few days ago Esi and Al made some great comments…..does anyone else have any more thoughts on finding motivated apartment building owners?

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Finding Motivated Apartment Building Owners



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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Vrooooooooooooooooom!



Well last Monday was my first day working for BMW. I have to say thus far as far as jobs go, it’s been pretty fun and dare I say bearable??

Hmmmm let’s see….what have I been doing all week? Basically driving BMW’s. lol And no I’m not kidding.

My favorite so far was this one:

bmw 328i

That one above is a convertible 328i. It was pretty hot!

And than drum roll please……I learned to drive a manual on this puppy on Friday:

bmw 335i

That one is a 335i. Nothing like learning to drive stick on SOMEBODY ELSE’S BMW, eh? 🙂 (and in case you’re wondering……I did a pretty good job driving after my learning session (the other guy that got hired with me taught me how to drive stick when we were out for one of our joy rides.)

Now as far as real estate goes…that’s what you really wanna know right? Well I have to tell you that since not working a “normal” job in soooooooooo long (over 4 years) that this week was extremely exhausting. Not only did I start this job this week, but Kathy was away for work in Houston, Tx and we (aka I) had Joe for the week. Luckily our next door neighbor friggin rocks so she helped me out a great deal last week.

The bottom line is that the job is bearable right now BUT overall it’s definitely giving me the motivation that I need to do what I need to do. This week is the start of my new schedule…basically work 2 nights and 3 days (and switch every other Friday and Saturday. So if I work Friday, I have off Saturday and vice versa.) I think I’ll need this week and perhaps next week (hopefully not) to get situated with my schedule and to hopefully not be exhausted when I get home and then I can concentrate on working my real estate in.

I did start re-reading this Dave Lindahl book: Multi-Family Millions: How Anyone Can Reposition Apartments for Big Profits(affiliate link.)




I want to concentrate on finding MOTIVATED sellers of apartment buildings. So I have to really figure out how to get at them….btw, I think my father is my first highly motivated multi-family owner. I’m going to speak with him in more detail this week. More on that in another post.

But if any of you folks have ideas on how to find motivated apartment owners, please let me know. I’m going to try to sift through the foreclosure notices and try to get my hands on those that are filing evictions or that get judgments on their behalf but I’m foreseeing some issues already with that…..but I’ll see what I can do. Any other ideas?

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Why You Should Network with Property Managers



apartment property managers

When you’re looking for multi-family properties to buy just like when you’re looking for single family houses to buy or sell it’s super important to network.

You may remember when I went to the Greater Philadelphia Apartment Associations Trade Show a few months back. While there I met a super nice lady who actually hires folks for property management companies. I advised her that I’m looking for a property management company to work with and that I’m actually not a property manager looking for more employees.




This lady, Valerie, took my card and advised me that she knows a perfect property manager to work with and that she’d tell her about me. I thanked her. The next day I got an email from Valerie saying she gave my contact information to Mary and I also received an email from Mary, the property manager.

Now on to why you should network with property managers:

1) They know the areas. They know and understand which areas most folks are buying in, which area most folks are avoiding and which areas are up and coming. (Think this type of information is valuable?)

2) They know rental values in the area. They know which areas the rents are raising, which area the rents are being lowered, which areas rents are stabilized, etc. (Do you think you’d like to know this type of data when getting into multi-units and perhaps when getting into a new market?)

3) They have good contacts. They know great brokers to work with, they know great attorneys to work with, they know great contractors, and the list goes on and on. They KNOW people that can be important to your business!

4) They know costs. They know how much typical expenses will run for particular types of properties. (More information that would be helpful?)

5) They may send you deals. This is the reason I decided to write this post. I spoke to Mary in great length after receiving her email and we spoke a few times. After building some rapport with Mary I asked her to please let me know if any of her clients are looking to sell or if she hears of anyone that’s looking to sell. She said no problem. Then lo and behold just last week Mary send me an email telling me that this particular property is for sale and that she thought she’d send it to me to take a look at it! How about that folks? Now grant it, that property may not be a great deal, but that’s not the point. The point is Mary thought of me and sent me the information about an apartment building for sale. So if she did it once, don’t you think she’ll do it again the next time she hears of a place for sale? I certainly do. That is huge! I immediately emailed Mary and thanked her. Perhaps I should send her a lil thank you as well……what you think? I think that would be a good idea.

Can you see why one of the key people that you should definitely be networking with are property managers? They could be one of the most useful contacts you make in a day.

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