I work for a flipping business in the San Francisco Bay Area. My company is currently looking to expand to value adds on out of state commercial multi-families. Aside from calling brokers, does anybody have advice on finding off market deals out of state?
Based on success, the best off-market deals I have been notified of come mainly from brokers. Ultimately the more properties you can have funneled your way without your searching the better; brokers are the best option here. However technically every deal not listed for sale is off-market. Here are a few methods that I know of to find these potential deals:
- Go to a site and find apartments that have vacant units. Search for these properties in tax/assessor records to find the owner. Contact the owner for possible sale.
- Ask local property management companies for their worst properties.
- Harder to do remotely- but take a trip and do drive by's to find properties you may want to pursue.
Hope these options help. I definitely try and rotate between these different items as I can.
I think a mass mailing to commercial property managers and brokers in your target cities.... maybe buy the list from some associations...?
There isn't much on the market now, but that doesn't mean few transactions. In smaller communities, multi-family deals are often done between two investors without the help of a broker. However, brokers will be the source of most deals. The problem is getting them to call you. If you solve that mystery, you will have plenty of deals to look at.
I was talking to a broker yesterday who said they got great success mailing the three blocks around wherever they had sold a house and were asking if those properties had thought of selling too.
Brokers seem super open to splitting the cost of mailers in return for giving you first refusal on any leads that come in.