What are the most effective techniques for finding non-listed apartment deals??
I am interested in 50 units and up.
I want to invest primarily for monthly residual cash flow and I am willing to pay more for steady residual income. (Although I wouldn’t be against wholesaling a great apartment deal either)
Input from all of you successful investors would be greatly appreciated.
Thanks!
Since this hasn’t been answered, I thought I’d throw some information your way. Hopefully some of the more experienced investors can add to, or correct any information. A realtor may be your best bet. They have the abilty (so I’m told) to pull all sorts of mailing lists. You can get lists similar to anything you’d find on ListSource, but they don’t have to pay for it.
In case you’re wondering why they’d do this for you, if the property is already listed, they’ll make a “buyers agent” commission off of it. If it’s not listed, they can most likely work their way into the deal as the listing agent, even though it’s only going to be shown to you. You may have to offer more money than you would, so that the agent can make their percentage, and the seller can still get the price they want, but there’s several advantages to having a realtor on your team.
First off, I’d only use a realtor that does property management, they don’t have to exclusively do property management, but they need to know the rentals in the area. Second, you’ll need a manager once you buy the property, so you might as well deal with the same realtor from beginning to end. You may even be able to get a discount on their fee, if they know they’re going to get to manage the property for the next several years. Third, once you tell the realtor what you’re looking for (50+ units, approximate condition of the property, one/two/three mile radius of this intersection) they’ll do all the looking for you. They may even do preliminary contact and negotiation. Saving you alot of time.
Another option is to just drive an area, jotting down the names of each apartment complex, and researching the owner, and contacting them directly. But having a “representative” or one of your “people” contact the owner first, might relay a certain amount of professionalism that you wouldn’t get by just cold calling an owner and saying “I wanna buy your apartments.”
Have you tried contacting your local real estate registrars to seek more information about non listed properties?
Hello,
Are you still looking for 50+ units; which state?