Even though it is 10+ units I still think cold calling can be quite effective. Use the calls to create connections, meet with the sellers in person and attempt to build a relationship with them. A lot of the owners are old guys that are more than willing to help out someone younger who is getting into the game and even those that have some experience. If you can show that they can provide you something of value whether that is through verbal advice or whatnot, that is a great way to potentially find an off market deal.
My go-to is networking with local connections and finding agents that specialize in these deals. I aim to regularly making connections with as many investor agents/commercial agents in the area so that if they ever have off market deals, I hear it from them weeks or months before they plan to go to the market. It's been working well in my market so far. Hopefully it continues to pay off and it works for you as well. I find that this method saves a lot more time than cold calling property owners.
Even though it is 10+ units I still think cold calling can be quite effective. Use the calls to create connections, meet with the sellers in person and attempt to build a relationship with them. A lot of the owners are old guys that are more than willing to help out someone younger who is getting into the game and even those that have some experience. If you can show that they can provide you something of value whether that is through verbal advice or whatnot, that is a great way to potentially find an off market deal.
In addition to the above, tell everyone that you meet what you are looking for. Find a way to work it into the conversation. Ask the other person what they are working on these days, what's new and keeping them busy, they'll likely as you the same question once they are done telling you and that's your opportunity to throw it out there.
If someone else is mentioned as a possible connection, follow up on it, ask for the introduction etc. You'll be surprised where deals come from.
@Nathan Lilly Try to build relationships with commercial brokers, property managers and lenders.They can potentially lead you to some great deals. Its important to build relationships beyond the deal. Have a conversation. Take them out to lunch. Ask them about their new properties, new deals they are working on and what they have coming down the pipeline. Real estate is a relationship business.
@Nathan Lilly Try to build relationships with commercial brokers, property managers and lenders.They can potentially lead you to some great deals. Its important to build relationships beyond the deal. Have a conversation. Take them out to lunch. Ask them about their new properties, new deals they are working on and what they have coming down the pipeline. Real estate is a relationship business.
Hey Nathan,
How can one build those relationships if you are trying to buy out of state, for example I am in NY and I want to invest in FL.
@Nathan Lilly Try to build relationships with commercial brokers, property managers and lenders.They can potentially lead you to some great deals. Its important to build relationships beyond the deal. Have a conversation. Take them out to lunch. Ask them about their new properties, new deals they are working on and what they have coming down the pipeline. Real estate is a relationship business.
Hey Nathan,
How can one build those relationships if you are trying to buy out of state, for example I am in NY and I want to invest in FL.
Thanks
Plenty of virtual meet ups, email people, comment on LinkedIn posts, comment on YouTube, etc.
In addition to the above, tell everyone that you meet what you are looking for. Find a way to work it into the conversation. Ask the other person what they are working on these days, what's new and keeping them busy, they'll likely as you the same question once they are done telling you and that's your opportunity to throw it out there.
If someone else is mentioned as a possible connection, follow up on it, ask for the introduction etc. You'll be surprised where deals come from.
Especially keep it short. The narrower you are the more memorable and easier to refer deals to you.
Even though it is 10+ units I still think cold calling can be quite effective. Use the calls to create connections, meet with the sellers in person and attempt to build a relationship with them. A lot of the owners are old guys that are more than willing to help out someone younger who is getting into the game and even those that have some experience. If you can show that they can provide you something of value whether that is through verbal advice or whatnot, that is a great way to potentially find an off market deal.
Joshua - Where are you getting the phone numbers for the property owners? My county website only gives the mailing address. It would be a lot more productive to be able to call people up vs send them a letter.