I am new to investing and I'm focusing on MFH. What I want to do is find little ways more advanced investors use to connect with property owners of MFH who have not listed there property for sale. I have thought about researching properties in the area and contacting the management companies which run the properties to see if they can convey my interest to the owner / owners or give me the owners contact info so that I can reach out direct. I would love any tricks or sources you guys use to find off market properties.
I haven't specifically went after MFRs, but one way is to find a vacant or distressed MFR and find it on the county CAD. Get the owner info and send them a note. Sometimes they're LLCs which is hard to trace.
Create your investment criteria, search for properties in your criteria via costar/Yardi reports or just look properties up on the county tax assessors office website. You can the use the county assessors website to find owners names, numbers and addresses.
Alternatively, you can make a list off off market deals like above - take it to your broker, ask them if they would reach out to the owners on your behalf and then ask the broker for a larger list from your criteria.
@Chris Mendez there are no tricks or secrets to finding off market properties.
It’s simply a process of compiling a list through a paid service like list source, Reonomy and CoStar or free methods like Loopnet, tax database, brokers, property managers, title companies, multi family inspectors, appraisers, landscapers and other companies that service commercial and multifamily properties and driving for dollars.
The real key is in how you approach the owners and then the follow up.
Cold calling is by far the most effective method but you really need to know what your doing, how to open the conversation, what questions to ask and more importantly when to listen and not talk. Most importantly you need to convey confidence and assurance you are a player and not just wasting their time.
Follow up is crucial and where 90% of investors and sales people fall short. You have to consistently follow up in a meaningful way and you will get deals.
When contacting owners, it is best to go as direct as possible. Find the actual property owner LLC and then find the actual owner's name and then send the mail directly to them. It will take more time but you will have a better return.
Call them, email them, send them letter. When talking to them be quick, if someone motivated they will talk longer, don’t spent more than 2 mins on each call, less is more.
Hunt not for multi family properties but for all properties.... and in the midst of hunting for all discover multi family properties.
If interested in learning how join my free multi family commercial REI Facebook group and discover all the secrets and tactics from me and 330 other multi family investors who are in my group. To get the link to the group pm me.