So bummed, I thought I was going to pick up an 8 door apartment building in Indianapolis but the seller lied about the rent and now the numbers don't work. I know this happens but I'm pretty bummed.
Where do you recommend I look for apartments for sale? LoopNet won't let me see many listings. Thanks.
how bout dropping a business card and saying if your ever interested in unloading to call me?
They want to unload but for way more than it's worth. I'm putting in a low offer to see if we can negotiate. I don't think we'll be able to meet in it though.
hi jeb. keep this in mind. have you ever driven around and had a deer run out in front of your car? most of us have. well, what happens when this happens? where there is one deer, sure enough, there is another damn deer. it works the same with houses. where there is one, there is another. drive around the neighborhood that your lost deal is in. i will almost guarantee you that there is another that you can find.
Thanks @Mark Elliott I'm not sure it's that easy with apartment buildings.
lol, yeah, its that easy with apartment buildings. i have literally went on to the hud website and looked up houses that they had for sale and went to look at one. i found another one right next door that i ended up buying dirt cheap. i would have never found that house without going to look at the other. get in your car and go for a drive
@Mark Elliott problem is I'm an out of state investor.
yeah, jeb, that might be a problem. can anyone say " road trip"?.......lol. i understand california is a difficult place to invest because of the funds needed. the one thing you can never do is give up. get out there and see what you can find
@Mark Elliott Thanks Mark, I'm not giving up. I have an amazing team on the ground in Indy, I was just SO excited about this apartment deal. I've already found 2 underpriced homes I'm going to look into this morning.
I would try going to listsource.com. You can build a list of multi-family dwellings by zip, drawing a circle around the area, or several different options. What you will get back is a list of addresses, owners names, owners addresses, and any other criteria you chose with it. This will give you a mailing list from which you could mail a letter inquiring about buying their appartment building.
Justin Berst - Oklahoma Real Estate Investor
Forgot to mention, it's fairly cheap when looking up multi-family dwellings because of the limited amount of them compared to single family homes.
Have you had much luck with that? Using List Source for multifamily? Just curious how accurate it is with larger buildings or if you are using it for smaller multis? And is it giving you the owner name/address or property management company?
I have only used it once for smaller units (10 or under). The addresses were majority correct. It is more of a sit and wait approach because the generally take a few months for any perspective sellers to contact you. It gives you the owners name and address, not the management company. I believe there is an option to include corporate ownership but since they were small units I figured I would have a better shot at approaching a mom and pop owner.