Cold-calling multifamily and commercial

Multi-Family and Apartment Investing
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Cold-calling multifamily and commercial

Chris Gavre
Member since 2023 · 9 posts · 7 votes

Hey Guys. I've been in the game for about 2 years. Started out wholesaling single family, built up a decent portfolio of about 170 units. However, I've recently switched to focusing on multifamily and mobile home parks. Historically, I've cold called and found a lot of deals. I've noticed that many owners don't answer the phone for these larger assets (40+ units). Any one have any luck with this? Or how to get around this? (I call for 2 hours and maybe only talk to 5 people that are the right owners, not including wrong numbers) 

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Arn CenedellaPro Member
Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votes
3y

@Chris Gavre

Let me start by saying I am personal friends with Chris as we both live in Greenville SC and we have looked at a few deals together over the past two years.

He's a young guy maybe mid 20s and I have followed his growth in the real estate industry. I can tell you this young guy is putting in the time and hard work to succeed. He has already succeeded. Unlike many on BP who talk about getting into REI, Chris has actually done it.

And so while the content of some of these replies may be accurate, the tone of the replies in my opinion leaves something to be desired.

While telling the truth is important -  being real is important - I think those of us with more experience and greater wealth have a responsibility to help others who demonstrate the effort and commitment to succeed.

For all of us who have created financial security and freedom thru REI, we were "green" at one point and were helped along the way by others. We should try to play it forward.

Chris - as some of the replies indicate your most fertile ground to plow with cold calling will be with smaller properties, I’d say sun 100 for sure but even sun 50 might be better. Look for long term owners.

And when you find a MF deal, let me know and we will bring it down together. We’ve look at a few and they haven’t been quite right but I am confident you will find one soon.

Keep on trucking!


Arn

[email protected]650-575-6114
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  • Greg ScottPro Member
    Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
    3y

    Yeah, don't. 

    I get calls daily from legit brokers and large companies looking to buy.  

    I often get wholesalers calling, reading off of SF talk sheets, which is amusing.  When I tell them I'd be willing to sell my property, they ask how much.  I'll say "$50M", which usually generates a pause.

    You are wasting your time if you are calling people like me. If I'm not busy, I'll toy with you and waste your time so you don't call me again. (That's if I'm in a good mood.)  Otherwise, I'm more blunt.

    I also actively look for ways to shield my phone number from callers by using my attorney's number or the phone of a registered agent. Many times, I just don't answer.

    Look for properties that have a reason to sell.  Look for ones in distress or owned by a 90-year old. Try to build a relationship with those people.

    Stop calling me.

    7Reply
  • Chris Gavre
    OP
    Member since 2023 · 9 posts · 7 votes
    3y
    Quote from @Greg Scott:

    Yeah, don't. 

    I get calls daily from legit brokers and large companies looking to buy.  

    I often get wholesalers calling, reading off of SF talk sheets, which is amusing.  When I tell them I'd be willing to sell my property, they ask how much.  I'll say "$50M", which usually generates a pause.

    You are wasting your time if you are calling people like me. If I'm not busy, I'll toy with you and waste your time so you don't call me again. (That's if I'm in a good mood.)  Otherwise, I'm more blunt.

    I also actively look for ways to shield my phone number from callers by using my attorney's number or the phone of a registered agent. Many times, I just don't answer.

    Look for properties that have a reason to sell.  Look for ones in distress or owned by a 90-year old. Try to build a relationship with those people.

    Stop calling me.


     With that being said though, how do I contact said 90 year old to build a relationship? 

    5Reply
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    3y

    If you are not in my network my phone won't even ring to announce your call. I'm sure lots of people have this same setup.

    1Reply
  • Chris Gavre
    OP
    Member since 2023 · 9 posts · 7 votes
    3y
    Quote from @Bjorn Ahlblad:

    If you are not in my network my phone won't even ring to announce your call. I'm sure lots of people have this same setup.


     What would be the best way to contact you to see if you wanted to sell a property? Mail?

    0Reply
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    3y

    Best way would be to meet at a Landlord Association meeting. Or at a fishing spot. I get those cards now and again saying someone will pay cash for my property........I have tried numerous unsolicited offers direct to LL they have not worked either. Properties get bought and sold every day, somehow you have to get in the deal flow. Networking.

    2Reply
  • Greg ScottPro Member
    Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
    3y
    Quote from @Chris Gavre:

     With that being said though, how do I contact said 90 year old to build a relationship? 


     Ask Anna Nicole Smith.

    4Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    What kind of data are you calling? How are you Skiptracing? Most large multi family are owned by LLCs, and the likelihood of finding those phone numbers are less than single-family.

    0Reply
  • Chris Gavre
    OP
    Member since 2023 · 9 posts · 7 votes
    3y
    Quote from @Eliott Elias:

    What kind of data are you calling? How are you Skiptracing? Most large multi family are owned by LLCs, and the likelihood of finding those phone numbers are less than single-family.


     Usually pulling data from reonomy, skip tracing through batch. What do you recommend?

    0Reply
  • Todd Jones
    Member since 2023 · 243 posts · 199 votes
    3y

    I used to get the automated text messages multiple times during the day.

    “Hi, this is <INSERT NAME THAT CHANGES> from <INSERT GENERIC COMPANY NAME NOT FOUND IN GOOGLE >. We’re buying homes in your area. Are you interested in selling 123 beach lane?”

    I know it’s a robo service someone is using but due to the repeated daily msgs and unprofessional use of fake names, I report the number as junk. 

    In your case, I would send a letter and go old school. Now, here’s the key: Make it very professional and let them know you’ll take great care of it. Also, let them know they can call at any time.

    The suggestion of attending meetups is a great one as well.

    4Reply
  • Arn CenedellaPro Member
    Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votes
    3y

    @Chris Gavre

    Let me start by saying I am personal friends with Chris as we both live in Greenville SC and we have looked at a few deals together over the past two years.

    He's a young guy maybe mid 20s and I have followed his growth in the real estate industry. I can tell you this young guy is putting in the time and hard work to succeed. He has already succeeded. Unlike many on BP who talk about getting into REI, Chris has actually done it.

    And so while the content of some of these replies may be accurate, the tone of the replies in my opinion leaves something to be desired.

    While telling the truth is important -  being real is important - I think those of us with more experience and greater wealth have a responsibility to help others who demonstrate the effort and commitment to succeed.

    For all of us who have created financial security and freedom thru REI, we were "green" at one point and were helped along the way by others. We should try to play it forward.

    Chris - as some of the replies indicate your most fertile ground to plow with cold calling will be with smaller properties, I’d say sun 100 for sure but even sun 50 might be better. Look for long term owners.

    And when you find a MF deal, let me know and we will bring it down together. We’ve look at a few and they haven’t been quite right but I am confident you will find one soon.

    Keep on trucking!


    Arn

    [email protected]650-575-6114
    11Reply
  • Alex L.
    Rental Property Investor · Youngstown, OH · Member since 2023 · 128 posts · 124 votes
    3y
    Quote from @Greg Scott:

    Yeah, don't. 

    I get calls daily from legit brokers and large companies looking to buy.  

    I often get wholesalers calling, reading off of SF talk sheets, which is amusing.  When I tell them I'd be willing to sell my property, they ask how much.  I'll say "$50M", which usually generates a pause.

    You are wasting your time if you are calling people like me. If I'm not busy, I'll toy with you and waste your time so you don't call me again. (That's if I'm in a good mood.)  Otherwise, I'm more blunt.

    I also actively look for ways to shield my phone number from callers by using my attorney's number or the phone of a registered agent. Many times, I just don't answer.

    Look for properties that have a reason to sell.  Look for ones in distress or owned by a 90-year old. Try to build a relationship with those people.

    Stop calling me.


     Getting calls to your personal phone for business solicitation purposes is also a good way to potentially get hit with TCPA violations/fines if you don't do your due diligence. Can't even recall how many thousands of dollars I made last year in hitting cold callers with them because I'm sick and tired of people/businesses contacting me to buy my properties, sell me insurance, or the like. Hate it when my phone rings, but boy do I love it when I collect that check. Same goes for texts. Send a physical letter or leave me alone.

    1Reply
  • Greg ScottPro Member
    Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
    3y
    Quote from @Alex L.:

     Getting calls to your personal phone for business solicitation purposes is also a good way to potentially get hit with TCPA violations/fines if you don't do your due diligence. Can't even recall how many thousands of dollars I made last year in hitting cold callers with them because I'm sick and tired of people/businesses contacting me to buy my properties, sell me insurance, or the like. Hate it when my phone rings, but boy do I love it when I collect that check. Same goes for texts. Send a physical letter or leave me alone.


     Love this.  Can you explain the process for going about this?

    1Reply
  • Account Closed
    PA · Member since 2010 · 339 posts · 168 votes
    3y

    @Alex L.

    I’m also interested in the process

    2Reply
  • Elena Orselli
    Member since 2019 · 18 posts · 24 votes
    3y

    @Greg Scott

    Have you thought about texting in small specific lists? I like texting for a few reasons. You get a better response rate. People who say Not interested or take me off your list, you can eliminate them. If you were calling, they would just not pick up and you  would continue to waste your time. If they are interested, you can build some credibility and then quickly get on the phone and they are more likely to spend some time. 

    I am on both sides of this. I own a lot of properties and get calls and texts all the time. They are both annoying, yes, But I have received a few texters who did it right on occasion and they almost bought a few of my properties. Text, if interested, have a human call back and then you can have a good conversation. 

    I have texted for SF for a while but also started in large MF. People respond. Know the texting regulations though and rules.

     Good luck

    1Reply
  • Account Closed
    PA · Member since 2010 · 339 posts · 168 votes
    3y

    @Chris Gavre cold calls are totally annoying. I have commercial properties of different types. I also have a development site where I tore down a bunch of houses leaving a vacant lot. I am always getting calls and texts asking if I want to sell a house that was razed years ago. I also get calls and texts asking if I want to sell the house on X street. I own all the houses on that street. I ask which one they want and they reply “the one on X street. Aside from the fact that there are no longer any houses on X street, they don’t even know the address of the house they want to buy. Conversely, I am always getting calls and texts from people asking if I want to sell a flex-use commercial building. They don’t even bother to figure out that’s it’s a commercial property.

    I have all these people calling or sending texts about properties they know absolutely nothing about.

    Please leave us alone

    1Reply
  • Arn CenedellaPro Member
    Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votes
    3y

    Brokers cold call all time. 
    is that a waste of your time?

    I am surprised who is so busy and owns $100M plus of real estate has the time or interest to file complaints and collect little checks. Anyone seen Karen?

    It’s pathetic  

    If someone cold calls you and you tell them not to call again and they refuse to follow your guidance perhaps filing a complaint is justified. But one time NO. 

    [email protected]650-575-6114
    7Reply
  • Aleksandar Popivoda
    Investor · NW Indiana · Member since 2015 · 98 posts · 99 votes
    3y
    Quote from @Chris Gavre:

    Hey Guys. I've been in the game for about 2 years. Started out wholesaling single family, built up a decent portfolio of about 170 units. 

    I don't get this. You have been wholesaling for 2 years and built up portfolio of 170 units...??
    1Reply
  • Chris Gavre
    OP
    Member since 2023 · 9 posts · 7 votes
    3y
    Quote from @Aleksandar Popivoda:
    Quote from @Chris Gavre:

    Hey Guys. I've been in the game for about 2 years. Started out wholesaling single family, built up a decent portfolio of about 170 units. 

    I don't get this. You have been wholesaling for 2 years and built up portfolio of 170 units...??

     Yes. I just focused on finding deals and bought things along the way that I wanted to keep and was able to find money for. Some of those are multifamily units that I may only own 30% of. A lot are single family homes, mobile home parks, etc.

    0Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    3y

    @Chris Gavre. You have built up a portfolio of 170 units in 2 years? That’s pretty much unheard of. Why would you be looking to switch strategies?

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    2Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    3y

    @Chris Gavre the best way to contact me to see if I wanted to sell my property would be to buy it on the open market when I list it.

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    0Reply
  • Chris Gavre
    OP
    Member since 2023 · 9 posts · 7 votes
    3y
    Quote from @Matthew Irish-Jones:

    @Chris Gavre. You have built up a portfolio of 170 units in 2 years? That’s pretty much unheard of. Why would you be looking to switch strategies?


     There's only so much money to be made in Single family. I'd rather intentionally target the assets I really want to own. I figured there's a reason why the Grant Cardones of the world aren't going after single family homes, because it's just not as scalable. 1 multifamily deal can bring 20x the profit of 1 house. Also, the wholesale game has changed drastically for single family and the buyer pool is not what it was a year ago. With all that being said I figured it would be a good time to transition.

    1Reply
  • Drew Holland
    Orange County, CA · Member since 2020 · 42 posts · 24 votes
    3y

    @Chris Gavre a bunch of buzzkills and karens in these comments.  You wouldn't want to share a beer with most of them especially the litigious one, he might serve you a lawsuit afterward.  

    I wholesale SF and MF and can help you.  You're not totally off on the cold calls and don't pay attention to any clown telling you they're going to sue you for offering them money, we've heard it and it's laughable.  Pay some money and hide your public data better if you're going to be butt hurt over cold callers.  

    I'd need to know more about your approach to add any value so DM and we'll connect.

    Shout out to @Arn on here for vouching for you here cosa nostra style.  And a 170 door portfolio in 2 years is also impressive and I'd echo any hesitation to change what is clearly working for you.  
       

    3Reply
  • Eric Gerakos
    Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes
    3y
    Quote from @Greg Scott:
    Quote from @Chris Gavre:

     With that being said though, how do I contact said 90 year old to build a relationship? 


     Ask Anna Nicole Smith.

    Good one.
    0Reply
  • Arn CenedellaPro Member
    Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votes
    3y

    @Drew Holland

    💯 


    love the cost nostra reference as I am of Italian heritage. 😀

    Folks puffing their chests about how much real estate they own and then showing how small they are. How petty they are.

    How about a little grace?

    I wonder if Mr Big Cheese would buy a great 200 unit deal @Chris Gavre  brought him thru cold calling? Or would his (alleged) high integrity prevent him from buying a property obtained thru the “evil” of cold calling? I suspect Mr Big Cheese would quickly drop his moralizing. People poster but when money is involved I find soften they change their tune.

    To all: I've never actually done a deal with Chris. We are not partners. His success puts no money in my pocket. I met Chris at a local investor network event several years ago and I am happy to share my 45 years of REI experience with him. I'm happy to help others move forward in this space which of one circle backs is really the whole point of BP, now isn't it?

    [email protected]650-575-6114
    2Reply
  • Todd Jones
    Member since 2023 · 243 posts · 199 votes
    3y
    Quote from @Arn Cenedella:

    Brokers cold call all time. 
    is that a waste of your time?

    I am surprised who is so busy and owns $100M plus of real estate has the time or interest to file complaints and collect little checks.

    They don’t call themselves.


    There are companies available that both bring up a database of potentials and uses an automated system to text them i.e, cold texts. They change their number as well which isn’t good if someone takes over that number.

    But my guess is some services simply pull up the names of all the owners in a region via county property tax records and figuratively throw two scoops of pebbles at a dart board. “Eh, it’s just multiple text messages. We’re not harming anyone. We want leads!”

    Now, I believe cold calls are ok if you’re respectful, not repetitive, and understand “no”. I got a call where someone read a script i.e., “are you thinking of selling? No? Do you know someone who is?” I was still annoyed.

    Eager investors/brokers need to think from their perspective. You’re calling out of the blue and asking if they’re selling the place they call “home”, a safe space full of love and strong emotions. It’s not a souless “property” or “unit” to them. Use the right words to them.

    0Reply
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