Hello, my name is Alex, I’m from Cincinnati. I have recently purchased my first duplex and am currently house hacking. I live in an area that is flooded with multi families and I am currently brain storming on how to acquire my own. Bank financing might be out of the picture for my next purchase, so I’m trying to find a seller financed, off market deal - or a cash deal.
I am trying to generate leads by looking up multi families in my area on the county auditor - hoping to find a tired landlord and reaching out through direct mail. I realize that this system is pretty inefficient. I'm looking for advice on any other ways to generate leads. Any experience on reaching out to multi family owners other than direct mail? Anything on MLS is out of question at this point due to not being bank loan approved and without a realtor. I'm pretty sure I could round up money for a cash offer or do a seller financed deal.
The best way to find off market multifamily properties is to compile lists through a paid service like List source, Reonomy and CoStar or you can use free resources like Loopnet (you can keyword search owner financeing), CREXI, Craigslist, tax database, brokers, property managers, title companies, multi family inspectors, appraisers, landscapers and other companies that service commercial and multifamily properties and driving for dollars.
The real key is in how you approach the owners and then the follow up.
You can send letters but cold calling is by far the most effective method but you really need to know what you’re doing, how to open the conversation, what questions to ask and more importantly when to listen and not talk. Most importantly you need to convey confidence and assurance you are a player and not just wasting their time. Remember you are building relationships with the owners.
Follow up is crucial and where 90% of investors and sales people fall short. You have to consistently follow up in a meaningful way and you will get deals.
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