tired investors?

Question

Hello

What tactics or solutions have you used to find "tried, retiring investors". I understand using OPM and bank financing but I would like to become creative enough to solve their problems and scaling my company to 30+ unit by 2018 from 8 unit in 2016 that I am on track to acquire!.

Is if direct mailing or networking and hitting the pavement, but which pavement and how do I know they are "tired or retiring soon or plan to retire"

Brad M. · Answer

@Abou C. - Someone suggested in another thread to go find out all recent evictions. Finding an owner that just recently completed an eviction (or better yet, several!) could be a flag that they may be tired of owning real estate.

Ethan Vegas · Answer

@Abou C.: I don't think anyone would mind as long as you're respectful and not annoying.  Reaching owners can be tricky.....mail is easy (you'll have their name and address), but may be limited in effectiveness.  I would be straight forward with them in what you're wanting to do.  Be prepared for most owners not to be receptive.....that's okay, it just takes one!

Ethan Vegas · Answer

@Abou,

I would take a slightly different tactic....instead of looking for the owners that are distressed/retired/wanting to sell, I'd start with searching for the type of property you'd most want to acquire.....let's say it's 5-10 unit building in a particular neighborhood. Get a farm list from a local title company to find out what properties fit those criteria.  Pick the top ten and drive the neighborhood, visiting each.  You can often see how much care/attention/time an owner gives a property based on how it's maintained and who lives there compared to other like buildings in the neighborhood.  You'll have the Owners name and their address from the farm list and you can contact them from there.....

-Ethan

Jonathan Loynaz · Answer

@Abou C. Evictions with owners who've owned the property 15+ years is definitely a good idea. We mailed out an absentee owner list last month and now acquiring a 6 unit multifamily tomorrow because the owners are an older couple with health issues.

Marketing to retired investors is great because they often have multiple properties they want to sell.

Good luck!

Abou C. · Answer

@Ethan Vegas great found one in providence, Rhode Island. Friday will drive down and see what is needed of me and cost base.  Going to aim to get properties for 4-12+ unit in the markets I am interested in.  Now in terms of that list,  How do I go contacting them? calling to mailing?. I personally don't mine either, but would anyone of them get pissed that I found their info and contacted? and if they pick up what should I start with?. Sorry for all these questions this late, just fired up!.

Abou C. · Answer

@Ethan Vegas I agree, as a business man I believe in both party benefiting!. So should I use "Chicago Title" for Rhode Island? or find me in my area  by sitting down with them?. And if I decide to use them for my deals moving forward what is the fee structure for title insurance?, is it different from company to company?. Once I get a national company I will get on this ASAP!. Also In terms of finding absentee owners what other tools use I use for that?.. Currently have 200 list of addresses I drove in my area of properties I saw that I am interested in sending them a letter in the new year!.  by 2018 I don't know how I will do it, but I am going to have 30 units+ with my business partner come rain or shine, cash flowing to the bank! in five years 100 units. I think I am crazy!.

Abou C. · Answer

@Ethan Vegas looking for two sets of four units for 2016, sounds like a great idea along side sending yellow letters to owners.  If I can figure out to get that type of information from a title company I can narrow down my list and go hunting for the owners. Even if they do not want to sell right away, I would like to get to know them build some type of relationships and let them know when ever they plan on selling to give me a call right away.  I am also looking for any type of creative financing I can get into or partnering building as well to scale my company!

Abou C. · Answer

@Ethan Vegas great idea even though I am not ready for a 10+ unit yet but I will do this and start the process. But I will use it for 4 units in a area I am looking to invest in. Question in terms of title company, stupid question can it be any title company and what is the fee structure to get information like that?.

tired investors?

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