Updated over 8 years ago on . Most recent reply
How to initially contact an apartment building owner?
I've had plenty of residential real estate experience, but this is my first foray into the apartment building arena. I'm very curious to hear everyone's opinion on this scenario.
I live not far from a 9 unit apartment building, which through my research only has 5 of the units rented out. The other 4 units have been sitting in disrepair for quite some time. Through a little digging I've also come to find that the owner is a widow who didn't initially have any interest in the building, as it was her husband who was mostly involved with the building.
The owner has made no effort at making the building better and just collects the 5 checks that come in every month, even though there is an opportunity to collect more! Now it's my understanding that when apartment building owners are "checked-out" that that is a good time to approach them to about taking this "burden" off of their hands.
How would you suggest contacting the owner? Writing a letter myself? Do I have a broker make the first contact? I'd like to find out more about the building and see if there is a way I can help. Just interested to hear others thoughts on a good way to reach out to start a dialogue. Thank you!