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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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Landlording Rants Listed Properties Real Estate Agents Real Estate Investing

My rental property is STILL for sale!

My rental property is officially pissing me off. It’s been for sale since November 2010.

I have it listed with a realtor (my father to be exact.) It’s had exactly 2 people through it. 1 said it was priced right. 1 said it was priced too high.

New carpet, new paint, it’s just in new-ish condition we’ll say. Started at $99k, then dropped it like 15k, now down to $72k.

Welllllllllll I’m at my wits end but this evening I was talking to a friend of mine, Bill Walston from BillonBusiness.net, and Bill said “why don’t you do a 3 yr. lease option?”

Now folks, I’ve done lease options before. I am very familiar. As a matter of fact, I’ve done a lot of different types of deals since 1999 when it comes to real estate investing.

So, why is it that 7 months after my property has been listed that I am just NOT thinking of doing a lease option on my property because Bill brought it up tonight?

Ridiculous huh? I think sometimes I get really “whacky” when I’m dealing with a property of mine personally. And I suddenly forget everything that I’ve learned in the past oh gee, 12 years! lol

I may have thought about a lease option and nixed it because I just want to be 100% done with the property, but the truth is, I think Bill is right…..I think the lease option is my best bet right now cuz guess what?

Carey don’t like shelling out hundreds of dollars a month for NADA!!!! Thanks Bill, you’re the best!

P.S. Don’t worry, I’ll keep ya’ll posted on my new idea of lease optioning my rental property out. Kathy and I discussed it this evening and she’s all for it! I’ll break the news to pops Sunday (yeah, yeah, I know it’s father’s day, but come on I need to get rid of this thing!)

P.P.S. Remember, if you’re interested in making passive income by starting your own ATM Business then you should sign up for my free video training series!

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Finding REO Deals Makin' Offers Real Estate Agents Real Estate Investing Wholesaling

8 offers made!

I just made offers on 8 properties…..6 reo’s and 2 non-reo’s. They were all from the MLS.

I decided that I’d send LOI offers to each agents email and explain that I’m having a printer difficulty lol and also that when I’m ready to write an official agreement of sale that I don’t mind if they write it up so they get both sides of the commission. Actually, I said that with every offer except the one my broker referred me too. That one, I’ll write up myself so the broker gets a piece of the action.

Along with the letter of intent, I include the proof of funds that my uncle sent me. 🙂 They were all cash offers with all inspections waived and a 5 day closing and $500 earnest money deposit.

I already had one agent email me back super quick. She was so nice. Said the bank just turned down a higher cash offer but she’ll still submit mine. She even emailed me the confirmation and she said that she put my name as the agent as she didn’t want to have her name on the offer lmao I guess that’s how you know I offered low enough huh? Personally, I don’t get agents….they willingly give up money that is just being handed to them in the form of both sides of the deal!!! Oh well.

Ok so I’m a little nervous……as I haven’t really made a great deal of offers in a while….but I know me, now’s not as bad as if one gets accepted because then I go into “omg I’m gonna shit myself” mode.

I’m exhausted…off to bed and tomorrow we’re buying a damn printer/scanner/fax cuz this shit is for the birds.

Goodnite Blogland….

Flippin’ Carey

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Finding REO Deals Listed Properties Real Estate Agents Real Estate Marketing

Bandit Signs

So I’ve been doing pretty well with writing down a few goals to do a day and actually getting them done. Seriously, I recommend you try that instead of a long laundry list of things to do. You’ll be amazed at how easy it is to accomplish the most important, effective items.

Anyway, now it’s time for me to put out bandit signs. I’ve been putting out 10 a nite, but I think I’m gonna go put out 20. I ran out of signs that have the vertical fluting in ’em so I’m just putting ones out to hang on poles, etc.

Btw, this is not my favorite thing to do but I have to tell you, it’s one of the ways that I’ve made the most money in real estate. Ya know I think they 20% of the things you do will make you 80% of your money or something like that lol anyway I figured out that the only things that have made me money in real estate have been bandit signs, vinyl lettering on the back of my car and deals from the mls so that’s where I’m focusing most of my time and energy.

I did check out the sold properties in the past month or so that were sold for cash. Got 13…sooo I’ll check them out probably tomorrow or the weekend. Who says people ain’t buying properties? Pffft!

Had a friend from high school tell me that she’d let me use her bank statements to submit offers….waiting for updated copies from her (still haven’t heard back from my uncle….I’ll have to call him again.)

But also, I have 2 guys that I’m going to set up meetings with that I think could be VERY good possibilities to be private lenders. 1 is the father of another girl that I went to high school with and 1 is a guy that Kathy sold a Rainbow to (that’s what we sell as independent distributors on the side.) He’s a friend of her brothers and he already asked us about investing in real estate cuz he has money so I just gotta get my spiel together and come at him from the private lender aspect.

I wanted to say one more thing but I completely forget what it was…..damn it, I hate that. Ohhhh I did check out a house today cuz I got a call from one of my bandit signs the other day. It was a mobile home on a rented lot but I figured I’d check it out just to get in practice again of meeting with sellers, etc. The place is listed but I may tell the guy I’d be interested in a 30 day option??? Can’t hurt, I mean he’s leaving the end of this month no matter what.

Ohhhh I do remember what I wanted to say….I’m switching real estate offices. I gotta figure out how to do shit in the right order but I’m moving from Keller Williams to a very small, local company near my house. Reason being…well the fees are wayyyy less, I mean BIG TIME…and he’s got a lot of investor connections, reo connections and private money connections….plus he told me that he’d give me all of the addresses of the bpo’s that his wife does every month (about 20 to 30 per week) so that I can see if I can do a deal with folks while they are still in pre-foreclosure.

Soooo I’m working on all of this at the same time with trying to pump my business back up. I figured he was the right step for me in going in the investing direction and for me right now, if I wanted to go in the real estate agent direction then Keller Williams would have remained the best step. Btw, not that there is anything wrong with KW….I think they are a wonderful company and they are very investor friendly and I can’t complain one bit about their profit sharing lol (I get a check every month no matter what and I will continue to since I’ve been with the company more than 3 years….6 to be exact.)

Anyway…..exciting things happening.

Flippin’ Carey

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Listed Properties Makin' Offers Passive Income Real Estate Agents Real Estate Investing Real Estate Marketing Vacation Adventures Wholesaling

Gettin’ ready to head to Vegas baby!

Ok so I did check out houses the other day and I have the houses set aside that I want to make offers on. Every house that I could actually get INTO I’m going to make an offer on. Some houses I couldn’t get into, one house went under agreement about an hour before I wanted to see it, and 2 houses had tenants living in it and wasn’t an reo yet, so I wasn’t quite that interested in getting into those house, plus they needed notice.

All in all I was suppose to see 9 houses I believe and only got to see about 4 or 5, but I think they were 4 or 5 decent places and I’ll make offers on them all. Problem is….Kathy and I are getting ready to leave for Vegas for a week on Saturday so we’ve been busy getting ready for that. Soooo, I’m gonna just have to force myself to do it this evening I guess….but it may be REALLLLY late cuz we’re heading to an ATM that we own that is in a Gentlemen’s Club (if you can ever get your atm inside a gentlemen’s club my advice is to JUMP ON IT! Our surcharge for that atm is $7 🙂 So we’re heading there tonite to actually take cash out of that atm and put it into an ATM that we have at a cash only chinese place for when we go on vacation. The chinese place goes through roughly 2k a week……so we gotta stock it with cash since we won’t be here to fill it.

Anywho, I also just accepted a BPO offer…why? I have no friggin’ idea…..I should have just took the address and started marketing to the lady in case she’s goin’ into foreclosure. But I’ll do the bpo….maybe it’s one of my small ways of getting back into the swing of real estate shit. Ya know?

Oh and that short sale deal that I was working on for a listing I have….the friggin’ buyers backed out again! This is why the real estate agent gig I feel is a sucky full-time thang. Buyers are soooo damn annoying! They don’t want to not receive their $8k tax credit from the government. Oh wait….here’s the funny part, they wanted an answer from the bank whether they were going to accept the short sale or not in 8 days! But when you counted only business days….it gave the bank 6 days to respond lol

Needless to say, they back out of the deal when I told them it would take roughly 37 days from beginning to end for the banks answer (Wells Fargo sent me a time table for their short sales.) So annoying….

Ok I’m off to shower as I’m stinkin’ and sweaty from workin’ out…….off to make something happen! I have put 0 bandit signs out, which I need to do because they are by far my biggest money maker…..no questions about it.

Flippin’ Carey

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Listed Properties Real Estate Agents Short Sale Investing

Geez this short sale deal is back and forth and the bank doesn’t even have it yet!

So I get a call from the seller saying they signed the agreement but they wanted to counter….fine. I had to CONFIRM tho that the wife signed it. She was there and the husband put her right on the phone. She said she initialed and signed everything and she understood everything. Ok cool.

Got the signed agreement and faxed it to the selling agent. Well the buyers didn’t like the new counter price so they backed out of the deal. I warned my sellers that could happen but they didn’t care. Don’t ya love how people never want to listen to the professional that they hire? That’s what makes being a real estate agent something that sooo doesn’t appeal to me and only comes 2nd out of missed investment deals…know what I mean?

Anyway, I told them the next time they get an agreement to try to sign it asap too so the buyers don’t get buyers remorse too. The husband said ok. (It took them a week to sign it practically….we were waiting on the wife.)

Fast forward to yesterday. I get a call from the selling agent and she told me the buyers called her and said they’d reconsider the house if the seller’s would sign off on the original price and then the buyers would entertain negotiating somewhat with the bank if the bank countered. Sooo I passed that info along to the sellers and after they thought about it they called me back and said ok.

Dropping the paperwork off today for the ORIGINAL offer price for the sellers. I’m hoping I get an signed agreement today from them.

On a super good front. Today is my first day of eating REAL food after an 8 day juice fast. I had 2 slivers of watermelon this morning and 1 egg (yolk only.) And it was amazing! Lunch and dinner are recipes from Emeri’s new show “Emeril Green.” That show rocks!

For you movie buffs….Kathy and I saw “The Invention of Lying” last night. It was cute and funny at times but it was longggg. It seriously could have been a 1/2 movie and I would have liked it much better. Kathy picked it (after I’ve been picking nothing but duds lately) and I look over at her and she was SLEEPING! lol

Ok off to Whole Foods to get some red snapper and lump crabmeat and some organic stuff for the 2 meals. Plus, we’re gonna either order an organic turkey for turkey day from there or from our local amish farmer (we know the farmers price, now we just need whole foods price.)

Have a great Saturday!

Flippin’ Carey

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Real Estate Agents

Can real estate listings please be easy all of the time?

Geez so that short sale that I’m working on that’s a listing of mine….remember? Well I get a call from the wife last nite who informs me that the husband has been signing her name to all of the documents and she hasn’t signed anything since the beginning when we first met in person. She told me that he just ran out the house with a bunch of papers to go and stay at his moms house because they are fighting and the only paper she could see was a hardship letter dated for today.

She then goes on to inform me that her lawyer and the mortgage company told her not to worry about anything and not to sign anything because her name isn’t on the mortgage. I had to remind her that it IS on the deed, however, so she still needs to sign off on the agreement of sale. She said she just wants to know what’s going on. I told her that I wanted to call my broker just to check on some things and that I’d call her back. She said ok. Btw, she was VERY nice to me….she just told me a bunch of shit about how her husband didn’t think she would live this long and that he’s been hoping to collect her insurance money and that he’s been having an affair for the past 3 months.

I kinda think she’s telling me the truth because I think I mentioned that whenever we had paperwork he would ask me to drop it off at the vacant house so he could pick it up and have him and his wife sign it and then he’d leave it at the vacant house for me to pick up. It’s all adding up now. I use to think the wife was wacky but she was very coherent on the phone last night and made complete sense in everything she said….she sounded like she had her shit together in other words.

My broker gave me some advice on dealing with the lady because I already know the lady doesn’t want to sell the house, she’d rather it go to foreclosure (probably to go on her cheatin’ hubby’s credit) and I already know she doesn’t want to sign anything. *sigh* My broker told me to go after the angle of the people who made an offer on the house and are excited about living there and starting their lives, etc. and that THEY would be the only ones who were really disappointed and let down in the entire situation.

I think that’s the approach I’m gonna take cuz I can’t make her want to do something for her husband cuz she doesn’t care. Btw, she hasn’t called me back since I left a message last nite and the husband I left 2 messages for today and he still hasn’t called me back. I just had to break the news to the other agent about what was going on…she’s confident tho that I’ll get it resolved lol Let’s hope so!

Flippin’ Carey

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Real Estate Agents Short Sale Investing

Short sale listings can never be easy, can they?

So I dropped the aos off yesterday for the sellers of the property that I have listed that is a short sale. As I was leaving the husband shows up (to pick up the paperwork. The house is vacant, they live elsewhere.)

We chatted for a little bit and I told him to have it back to me tomorrow. And if he or his wife had any questions to give me a call. He said his wife is not doing to good and that she’s been in a “mood” and that she told him she wasn’t signing shit! 🙂 Lucky me.

He told me not to worry and he’s use to dealing with her and that he’ll have her sign it by tomorrow. We’ll see how that goes.

I feel bad for the lady as she was in a horrible car accident as a passenger, completely not her fault, so she’s very bitter and angry and emotional nowadays but geez, sell your house. She told me at one point she’d rather the bank take the house back rather then her not make a penny on it. Mind you, I been telling them from the start they ain’t gonna make a penny on it! At least I got the hubby on my side.

I was working on my schedule this morning while laying in bed and I should have it up later on today. Tarheel Ed, I got your request and I will shoot you an email later. Thanks for the welcome back, btw. 😉

I’m off to shower as Kathy and I have to go fill one of our atm’s that’s up the street as soon as she and Joe (her 9 yr. old) get back from church.

Flippin’ Carey

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Real Estate Agents Real Estate Investing Short Sale Investing

Short sale going on…

Ok so when I was a lil slow on the trigger with getting deals because I didn’t want to disappoint anymore sellers I decided to go with the OPTION side of life. So what I did was I got this nice 4 bedroom, 2.5 bath newer home in Parkesburg, PA. tied up with an option contract. Wasn’t all too much wrong with it so I decided I’d try to flip my option to someone in 30 days and if I couldn’t do it than I was at least upfront and honest with the folks and I could always list it if they wanted me too (for those that are just learning about me now, I’m also a licensed Pennsylvania real estate agent.)

Well 30 days goes by and I couldn’t whoelsale it to an investor, which I knew I wasn’t going to anyway, this was totally an owner-occupant type deal. I also, unfortunately, couldn’t flip my option contact to an owner-occupant. So, I advised the sellers what was up and that I, personally, did not want their house and that I could list it if they’d like. They did.

The house as been on the market foreverrrrr but we finally got an offer yesterday on it. We’re countering, but regardless, it’ll be a short sale. I’m sure buyer and seller will agree on price and then we’ll have to go through the process to get the bank to agree to it 🙂 (Wanna learn how to do short sales? Check this out short sale course out!)

The first is with Wells Fargo and the 2nd is with Wells Fargo’s Home Equity division. So, I’m on my way to drop the agreement of sale off to the sellers so they can initial the changes they want to make and sign the contract. The reason these folks are actually going into foreclosure in the first place is because the wife was in a major car accident and is on permanent disability (with no benefits) and there ya have it. The husband called me today and said he’d have to pick up the contract and then get her to sign it later because he’s taking her to the emergency room for some problems she’s having (he took her late last nite as well.) This one was very emotional and is a TRUE hardship situation.

Oh and in the meantime, I get a call from a guy who saw that this house was for sale. We start chatting and it turns out that he’s an investor. We had a pretty decent conversation and I added him to my wholesalers list hehehe Funny how things happen, ain’t it? That Law of Attraction stuff really does work………..

Already, off to take care of this. Later I’ll post my new schedule and plan for coming up with deals. I already gave myself a 10/31/09 deadline for my first newly “not m.i.a. anymore” deal.

Flippin’ Carey

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