Casey, IL · Member since 2017 · 175 posts · 308 votes
Ok,
So I'm wanting to contact a bunch of Multi-Family owners about purchasing their property. I know some people have done or mentioned getting "lists" of owners in certain towns or areas etc and doing mailings or cold calls. And I've heard some even filtering it out to owners who have owned the property for more than "X" amount of years.... So.. Where do I get these lists? I greatly appreciate the help! @John Hagen and I have some investors looking to purchase some property, and we are looking to 1031 some of our own property into some larger multi-family.
Specialist · Carlsbad, CA · Member since 2018 · 1k+ posts · 638 votes
7y
@Michael Beeman Read your post and started writing my response to recommend ListSource, however, seems like many other satisfied customers already beat me to it! These are the metrics I tend to follow when using the site:
Owner Equity - 30% or more
Age of Occupant - 45+
Years Owned - 5+ years
Property Type - 1-4 units
Exclude Corporate Owned
Exclude Trust Owned
Ownership Type - Absentee. If not enough records in Absentee add, Homeowners
After pulling up your leads I'd suggest carrying out a well-planned direct mail campaign to target those leads. In my opinion a proper direct mail approach needs to be scheduled in such a way that the time in between mailers is spent on outreach too. This is what I deem to be a proper direct mail campaign:
Week 1: Send out your mail to your list and/or Start targeting your prospects with online ads
Week 2: Call up all your prospects to follow up the mail
Week 3: Send text messages to all the prospects
Week 4: Leave voicemails (whenever possible)
Week 5: Send out second batch of direct mail
This multi-channel marketing approach will yield satisfactory results if executed properly. Hope this helps.
Casey, IL · Member since 2017 · 175 posts · 308 votes
7y
@Jamie Burns Hope our tips can help you. This morning I am in the office signing the letters in "blue ink" to make them look more personal to each owner. We will be sending out our first letters today. I'm excited to see the results.
Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
7y
@Michael Beeman, we have had great luck with building our own lists via the accessor's website. Also, make different letters, A/B test and have a series of letters ready to go before you start. After 6 months you will have a great marketing campaign that you can replicate in other areas.
Casey, IL · Member since 2017 · 175 posts · 308 votes
7y
@Charles Carillo I have thought about doing some of that. I think I will be having my 14 y/o daughter or 15 y/o son doing some of that this summer for extra cash.. I am very familiar with the assessor and GIS websites from my previous job as a Client Relations Manager for a Sawmill, so that is a great tip you gave me, that I can put to good use. Thank You sir!
Sounds like the property management company itself is the owner of the apartment complex in the first scenario. You would have to look up the owner of the company and reach out to them directly. You can do that by looking up the business on the Secretary of State website. Google "PA Secretary of State Business Lookup." That should link you right to the page you need.
For the more savvy owners, they may have an attorney as their "Registered Agent" and then it will be very difficult to look up the owner of the company.
Finally, you could always network with property management companies to see if they know of any owners that are considering selling.
@Jamie Burns I am not currently targeting student housing. Altho we do tend to get some students into our Terre Haute In 8 unit property, What I'm actually targeting is the lower middle class, high cash-flowing Real Estate market. We have done amazingly well on 2br units in the Vigo Co. In market, and we are excited to add a large amount of them to the portfolio.
@Brett Kash one of my business partners used to be a lobbyist and then a campaign consultant for many local and state legislature elections.. 2 things he recommends to get a higher "open rate" .. On the outside of your letter, make certain that you do two things.. Do not use a generic flag type of stamp, and either do it yourself, or hire someone to hand write the addresses on the envelopes.. The third thing we are doing to try and enhance the "call back" rate is that I am personally signing the inside of each letter.
Investor · Murfreesboro, TN · Member since 2013 · 430 posts · 178 votes
7y
List source will only be useful up to 4 units. Beyond that you need to search to get the LLC info and then owner info. Another simple way is go on Craigslist or the rent by owner sites pull up the address and when a multifamily, dial the number and call. You'll be shocked how many owners answer these calls. I tell them I'm not interested to rent but would they consider selling. I locked up a 12 unit this way.
Thanks for the tip. I've been experimenting with the hand written envelopes and post cards and after just a few tests I'm definitely seeing better call rates on the hand written envelopes with typed letters and a digital signature (not as cool I know). I'll probably have to experiment a little more before going strictly with letters over post cards for my own experimentation.
On that note i've been using yellowletterscomplete for my mail campaign since I definitely don't have time to write all the letters myself, stuff, etc. and generally liked working with them. Anyone have any other places they are using that have liked? Generally with yellowletterscomplete i'm paying about $0.80 / letter plus a setup fee because I customize all my letters.
Flipper/Rehabber · Milwaukee, WI · Member since 2016 · 153 posts · 84 votes
7y
@Michael Beeman
We have done 2 rounds of letters and 1 round of post cards to the same group (trying to stay in front of them but save a little dough) and are monitoring response rates. So far the letters have had a much better response rate. Probably double or triple the response. Will continue to experiment but I’m finding the letters with hand written envelopes might be the way to go.
Casey, IL · Member since 2017 · 175 posts · 308 votes
7y
@Brett Kash I suspected that would be the case. I have some experience with mailing campaigns in a different career, and I always had better response rates with the letters as well.