Multifamily in North Carolina

12 Replies

Hey, @Pedro Amador . You'll need relationships with brokers, which might take some time and typically requires some level of credibility or experience. Finding MF deals (especially big ones) truly revolves around knowing brokers or other partners (property managers, etc) on the ground with access to information about when apt communities go on sale. 
Depending on your experience and strengths, you could also consider a) partnering with other active investors with different expertise areas or b) passive investing. There are active MF investors willing to educate investors who invest passively with them. This is the route I've taken and it's going well so far! Let me know if you have any other questions, happy to help.

@Pedro Amador definitely do your research before reaching out to brokers. If you're not savvy in their lingo, it's not going to go well for you. I'd suggest practicing on other locations before hitting your primary location. 

@Pedro Amador  Some of the the best ways to find off market commercial and multifamily properties is to compile lists from city and county websites if available or through a paid service like List source, Reonomy and CoStar or you can use free resources like Loopnet, CREXI, Ten-X commercial, Craigslist, tax database, general networking, brokers, property managers, title companies, environmental consultants, building inspection companies, 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.

You can send letters and email but cold calling is by far the most effective method but you really need to know what you’re 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. Remember you are building relationships with the owners.

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.

@Pedro Amador I know a lot of people think direct mail is dead, and I might be ignorant (I'm in pursuit of my first apartment building as well) but in my land business, I do direct mail as my primary method of getting deals. 

I think you'd need to get very creative and strategic about it but I'm pretty sure direct mail could still work in this space- at least that's what I'm planning to do in Florida. 

I'm thinking of doing something extreme for my mail piece, like a video card or big gift box or something. I don't think postcards or yellow letters will work but if you got creative, I think you could get a deal direct to seller. 

@Pedro Amador there are data sources that can provide you with a list of target properties that match your exact criteria. One is listsource. Leads are affordable on this platform. Or paid services such as, Reonomy and Costar. These service are pretty costly. Join your local landlord association. Get to know the other owners there. At some point they'll be looking to sell. Go to your local network real estate meetings. Build with the local investors there. Good luck on your journey