Cold-calling multifamily and commercial
Member since 2023 · 9 posts · 7 votes
Cold-calling multifamily and commercial
Most Popular Reply
Arn CenedellaPro Member
Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votesLet 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
33 Replies
- Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes3y
Quote from @Chris Gavre:
Hey Guys. I've been in the game for about 2 years.... built up a decent portfolio of about 170 units.....
You own 170 units, and have only been doing this 2 years?
That's 85 units a year, that's about one unit every 4 days for 2 years--WOW!
That's a lot of down payments to come up with--WOW!
And a lot of SFH's to manage--WOW!
- 3yMatthew Irish-JonesBusiness MemberReal Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
@Chris Gavre. You own 170 single family homes or have wholesaled 170?
I agree larger, commercial, industrial is the way to go. I don’t agree cold calling is the way to buy. These are institutional investors, they aren’t going to sell 10% below market value because you called
Them out of the blue.
Irish Jones Realty4.947 Reviews - Member since 2023 · 9 posts · 7 votes3y
Quote from @Scott Mac:
Quote from @Chris Gavre:
Hey Guys. I've been in the game for about 2 years.... built up a decent portfolio of about 170 units.....
You own 170 units, and have only been doing this 2 years?
That's 85 units a year, that's about one unit every 4 days for 2 years--WOW!
That's a lot of down payments to come up with--WOW!
And a lot of SFH's to manage--WOW!
Most of those aren't sfh. they're apartments and mobile home parks
- Member since 2023 · 9 posts · 7 votes3y
Quote from @Matthew Irish-Jones:
@Chris Gavre. You own 170 single family homes or have wholesaled 170?
I agree larger, commercial, industrial is the way to go. I don’t agree cold calling is the way to buy. These are institutional investors, they aren’t going to sell 10% below market value because you called
Them out of the blue.
It's not 170 single family homes. some of those are apartments some of those are mobile home parks. I own them, not wholesaled
- Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes3y
Finding good data in the larger property space is tough. We are doing some cold calling campaigns as well on the larger industrial properties. Lots of calls to get someone serious on the phone. That being said, one big deal is worth much more than 5 small deals.
- Lender · Seattle, WA · Member since 2017 · 118 posts · 161 votes3y
Generally speaking, if you're going to call commercial multifamily owners of large 50+ unit buildings - you have to have valuable information to share, and you have to be able to speak the language. Otherwise they'll sniff you out a mile away and tell you to pound. Keep in mind, these guys are getting called 3x+ per day from dipshit Marcus brokers fresh out of school who don't know a doorknob from a debt yield (trust me, I used to be one!). If you're going to call, make it worth their while. As a matter of principle, I tend to email first with "value-add" information (live loan quotes w/ property names redacted, materially relevant market news like WaFD Bank pulling out of construction lending until late 2024, specific expense comps from the Fannie Mae data based related to a property they own, etc.). Then I follow up with a call. Easier to get people to talk if you send tailored, materially relevant information first that benefits their business and feed them high quality, vetted information vs. throwaway corporate garbage.
- Rental Property Investor · Youngstown, OH · Member since 2023 · 128 posts · 124 votes3y
Quote from @Greg Scott:
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?
@Account Closed sorry for not responding sooner, I don't check the forums as often as I used to. The federal legislation to reference is the Telephone Consumer Protection Act, or TCPA. Section 227(b) and 227(c) are what to read. They lay out a private individual's right to sue violators of the national Do Not Call list. Two or more communications with a 12-month period is grounds to hit them for $500-$1500 per violation. If your state has their own version of the Do Not Call list, that could bring additional stackable violations. Autodialers and pre-recorded messages are also covered as a separate, stackable offense. It's as simple as sending a demand letter, and if they don't respond, filing in small claims court (if it's for a large amount, it's ideal to hire an attorney... I've known some people get $20k-$50k settlements, but those aren't common). The trick is that you need to know who to send the letter/suit info to, otherwise it's just dust in the wind. There's an attorney named Doc Compton who put all this info in one place and also provides example demand letter templates, along with a sort of how-to guide, but it costs money. There are other "programs" that do the same thing, so he's not the only one. I've utilized it and benefited from it, but you can find all the info you need to do this for free across the internet. Just start with Section 227(b) and (c) of the TCPA.
- 3yJp KilduffPro MemberWholesaler · Brevard Co. Florida · Member since 2016 · 395 posts · 76 votes
There are several options for skip tracing to find phone numbers and email addresses. Skip tracing for LLCs is a double-skip process. First the registered agent/manager has to be determined and then that person is skip traced. Find one that can be custom to your needs, has flexible pricing, no long-term, high-cost memberships. Excellent customer services can determine how to best market to your leads.
If you would like a referral code or more information please let me know.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.