Rental Property Investor · Lawrence, MA · Member since 2018 · 3 posts · 0 votes
Hey everyone, im a motivated beginner investor looking to purchase more units to buy and hold. I have been researching and finding distressed properties in the area that I live in order to make offers on one or more properties. What Is the best form of contact to get in touch with the owners? Should I try to find their phone number and call or write a personal letter? I would love some feedback on what form of communication works best and any other advice on this subject. Thank you!
If you are looking to get directly in contact with sellers then here are a few resources that will hopefully help you out!
Reonomy.com, Costar.com, or ProspectNow.com for looking up sellers information.
Parlay 2.0 can be another good one to manually pull the sellers information (and cheaper than the above options)
Openlettermarking.com for sending direct mailers (also have voicemail drop and text options)
If you are on a budget and those options listed above are too pricey, then you can always look up the sellers information yourself and skip trace them. Below is a brief overview of how to do that.
Google "*County Name* Tax assessor"
Find their real estate taxes page and search for the address of the particular property
There you will find the owner's info, if it is an LLC then you will...
Search the LLC name on Secretary of State site to find the owner. Can try to quickly google "*LLC name* *state* Manta" to see if it is an easy find on manta.com. (Ex. "Blue LLC MA manta" and click on the manta.com link)
Some LLC's will list the owner's Attorney as the "Registered Agent", not sure how to get around that point. If anyone has any experience with how to do that, please tag me! I would love to hear about it as it is a current sticking point for me.
Hope that helps! Feel free to message me if you have any other questions, I'm sure that could be a little confusing.
Lender · Member since 2019 · 604 posts · 160 votes
7y
@Christian Nunez If you need help with financing let me know I offer a Fix & Flip Loan and No Doc 30 Year Rental Loan 80% LTV Purchase and 75% Cash Out Refi.
On how to reach do a little of everything that is how I prospect. Good Luck.
Real Estate Agent · Clinton, MD · Member since 2009 · 54 posts · 18 votes
7y
@Christian Nunez You send them letters of intent (LOI) spelling out your offer to purchase. Once your LOI is accepted, then the real Purchase and Sale Agreement with terms and conditions acceptable to the two parties is executed
Real Estate Agent · Renton, WA · Member since 2017 · 204 posts · 151 votes
7y
@Christian Nunez When marketing to owners have a marketing plan that is consistant for example, if you're doing mailers mail to them consistanly for at least six months as it takes time, and if you have their number as well I would follow up with a call a several days after a mailer has gone out. Happy Investing!!
If you are looking to get directly in contact with sellers then here are a few resources that will hopefully help you out!
Reonomy.com, Costar.com, or ProspectNow.com for looking up sellers information.
Parlay 2.0 can be another good one to manually pull the sellers information (and cheaper than the above options)
Openlettermarking.com for sending direct mailers (also have voicemail drop and text options)
If you are on a budget and those options listed above are too pricey, then you can always look up the sellers information yourself and skip trace them. Below is a brief overview of how to do that.
Google "*County Name* Tax assessor"
Find their real estate taxes page and search for the address of the particular property
There you will find the owner's info, if it is an LLC then you will...
Search the LLC name on Secretary of State site to find the owner. Can try to quickly google "*LLC name* *state* Manta" to see if it is an easy find on manta.com. (Ex. "Blue LLC MA manta" and click on the manta.com link)
Some LLC's will list the owner's Attorney as the "Registered Agent", not sure how to get around that point. If anyone has any experience with how to do that, please tag me! I would love to hear about it as it is a current sticking point for me.
Hope that helps! Feel free to message me if you have any other questions, I'm sure that could be a little confusing.
Wholesaler · Charlotte, NC · Member since 2015 · 398 posts · 679 votes
7y
I've been in your spot before. If you're aiming to buy multifamily properties, then I would definitely pull a targeted list of sellers and market to them. When I was helping a friend get more units, I had him pull a list on List Source of everyone that owned complexes with more than 5-100 units. However, I told him to exclude any properties owned by LLCs. We just wanted "mom and pop" owners. I'm not saying that you can't get deals from LLC owners; however, most of them are playing the same game as you and will be reluctant to give you a good deal.
After you have your targeted list, I would add phone numbers to the list because this gives you another way to target your sellers. If you're just doing direct mail, you're going to be missing out on some sellers that may not be receptive to direct mail. Similarly, if you're just doing voicemail broadcasting, some sellers may not respond to that. I would type a formal letter to these sellers and also include a credibility kit that has background on you and the properties you've worked with. This puts me ahead of my competition.
I would hit them with direct mail, text messages, cold calls, and voicemail broadcasts aggressively for a month and then let your foot off the gas on month two. Once you've identified warm-to-hot leads, focus the majority of your attention on those. You'll get deals. Let me know if you have any other questions.
Investor · Phoenix, AZ · Member since 2017 · 261 posts · 143 votes
7y
@Christian Nunez
I did this kind of deal sourcing for a group with Mobile Home Parks. It can be pretty tough to get replies but persistance will pay off!
I would find properties on the internet, get the address and search it on the county assessor website to find the owner and their contact deals and go from there!
Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
7y
Pffh to sending letters. If you have a few properties in mind go down to city hall and get the seller's name.
My first ever multi-family deal went like this: I got the owner's name from the tax assessor's office, I contacted his wife (I couldn't locate him online but she was a professor and she and her husband lived out of state - I e-mailed her VIA the e-mail address she had on the college website) and she had her husband call me. We agreed on a price I was very happy with.
PS. And midway through the process after the sales agreement was signed I asked him if he was ever sent yellow letters and he said yes - all the time. Point is, do the work and make the call - you're much more likely to make a deal that way.