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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

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

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

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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Finding Apartment Buildings Free/Low Cost Marketing Methods How To's Multi-Units/Apartment Buildings

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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Commercial Real Estate Brokers Direct Marketing Campaign Finding Apartment Buildings Multi-Units/Apartment Buildings

2 More Calls From Our Direct Mail Campaign

Woohoo! We got 2 more calls in from our direct mail campaign of 278 folks.

The next call we got, I had already gotten my wisdom teeth out so I was in no condition to answer the phone. So I let it go to voice mail. His voice mail message went a little something like this:

“Oh Carey. It sounds like you’re a woman, that’s good because if you were a man I would have been pretty angry. So you want to buy my property? Do you know anything about it? Do you know how much land it has? Anyway, you can call me back at this number.”

What the heck is going on with these folks? lol Does someone wanna tell me? I’ve always told other women that it’s an asset in this business (actually any type of sales related venture or in-person type of business, I think it’s a huge asset to being a woman.)

Then today we got another call. Again, I can’t really talk too well, especially when I’m doped up on my pain meds. So it went to voice mail as well. His message went a little something like this:

“My name is blah blah blah and you don’t know me because you sent the letter to this company name, which is the name of the company that holds some of my property. I don’t know if you’re looking for a single family home or what? But I have 2 apartment buildings and I’d be willing to talk to you about selling them but I’m not trying to give them away. Call me at this number or I will call you back this evening.”

Sooo that one was a little better, huh? Making some progress. I think I’m going to have to tweak my letters a wee bit. I’m using Dave Lindahl’s letters straight from his course, but I may have to say I want to buy your Apartment Building instead of just your Property! Wouldn’t ya’ll agree??

Anyway, I gave Kathy the bad news that she’s going to have to call these 2 folks back. She’s having a slight panic attack. Mostly because she doesn’t know what to say and I informed her but at least you can speak normally right now lol plus I told her that I don’t know what to say either. We just gotta follow the script from the book. I am must better on my toes than her, but oh well…..there’s gonna be times where she’s gonna have to make calls too and now is one of them.

I did look up everyone’s property information that called us though. They are mostly 2 to 6 units. Not all that exciting for us, but heck I’m still gonna call (or make Kathy call) because it’s practice.

Plus, get this. When Kathy was a little kid her father owned an apartment building but his wife at the time made him sell it. Anyway, we drove by there today and it’s for sale!!! I just looked up that info on the MLS too. We’re probably gonna check that out too.

So I’m super psyched about everything that’s moving along and I can’t wait to not look like a chipmunk anymore and to be able to eat properly, talk properly and not be in pain, because I got things to do!

We had to move our Cash Flow Game session from tonite til tomorrow nite because I’m just not quite feeling up to it yet. Kathy assures me that I should start to feel better tomorrow. We shall see?

Now, I’m about to pass out as I just took an oxycodone. I’m surprised I’m not so loopy and that I could actually make this post.

🙂 Over and out for now…….I’m off to la la land.

P.S. I almost forgot, we heard back from 2 commercial real estate brokers. We’re gonna meet one of them either on Monday or Tuesday and the other one we’re still waiting to hear from.

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