I have found a couple of deals that I can pick up for very low, put minimal cost in, and would be perfect to sell to a landlord. How have some of you went about finding landlords to supply single family or multi family properties to?
JOIN YOUR REIA!
Mike
One strategy I’ve used is to get a tenant in a property, find a decent property management company to manage it and then sell to a landlord from out of state as a “turn-key” package.
You can use a myriad of ways to find landlords to sell to, as Mike said join your local REIA…this would be best as this is the largest group of landlords you’ll ever see in one place. Another thing you can try opening up the newspaper and call every for rent ad in the paper, time consuming but can be effective. You will find 3 types of landlords this way- most will be happy with what they currently have, a few will want to sell, a few will want to buy more properties and increase their portfolios. Once you know if they are looking to buy or sell you know what to do. You can also use those phone numbers that are in the paper, do a reverse lookup on a site like whitepages.com and get the address of the landlord…then start sending out your targeted mailings. I also tried Craigslist a few days ago targeting landlords specifically, its free and got me about 5 interested landlords so far. The ad is in the realestate for sale section and goes as follows:
Title- Landlords! I have a few properties coming available soon!
Body- I have a few properties that will be available soon but its too early to post details on a public site. Contact me if you would like to be notified when these properties become available. These are mostly 2-4 unit multis in Hartford county.
I don’t have anything available quite yet, I was only looking to get a list of buyers ready so I can have people to pass deals along to once I start marketing myself hard in my area. I am mostly going to target landlords that are looking to stop the pain and get out of it. There are a lot of rundown multis in my area and not a lot of great deals, I figure this will be a good target market for me. I am also going to be looking soon to purchase a few for myself…I figure I can pass deals along to others until the ones I am interested in for myself come along.
Start calling bandit signs and We Buy Houses ads in the paper, gotta be some people amongst them that want multis and at worse case you’ll have a new stable of buyers for other types of properties.
Try calling property management companies, they know lots of landlords and some might be looking to increase (or decrease) their portfolio. They themselves might be looking to buy, many of these outfits own their own properties too.
There are tons of ways, try any or all of them and see which ones are cost effective to you.
Excellent!! Thanks Rich!!!