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Finding Apartment Buildings How To's Makin' Offers Multi-Units/Apartment Buildings Networking Passive Income Real Estate Investing

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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