What is the best source to find apartments for sale?

Question

I am trying to find the best sources to broker some apartment complexes over 150 units. (I am a broker) I am not looking for people to represent me. However, I am also one of the principles. Love to here some recommendations for good brokers to team up with or what ever means needed to find some good deals out there. I like to keep my eyes on my assets so Houston (first choice) then from there I would look in Waco, College Station, and places like that. I like niche markets with better returns but not ruling out urban markets. I just don't want something too far away. PM me, post here, look forward to hearing from you guys.

Charley C. · Answer

@Todd Dexheimer, I am not your typical apartment broker. Not looking for a shot at listing anything. I have like minded  people that need to invest and get good return, that keeps me very busy. Let me digress to be super clear on who I am and what I been doing. I build apartments, rent them out, either keep them or sell them to my investors/partners. However, building them is getting way too expensive, looks better to just buy them now already ready to go. Instead of waiting to finish construction, I am making money on day 1, I like that part too.

I thank all of you for the information. I tried Costar before, was not bad but i felt like there had to be a lot more out there last time I used it. Yardi looks real interesting, not sure what RIES is

Charley C. · Answer

@Cody L. I appreciate that. I can move really fast since we are not financing the deal. what you say makes me think I should focus in on the smaller niche markets that have not been so darn over played

@Rick Martin think you got a good Idea. would not be hard to just get the address where property taxes are paid.

And @Todd Dexheimer Once the brokers know I have had a license for the last 30 years, they would not believe me anyway, waste of time, tried that many times, its never worked.. That is one of the reasons I like building from scratch. BUT today I went to the lumber yard and bought four little 9 foots studs to finish a building prior to sheet rock and the price was $52 for 4 sticks! Needless to say, I am not going to pay 4-5 times the price to build apartments unless I can get 4 -5 times the rent, and of course I can't. Might be 2 or more likely 4 years before I start another project

I say I am one of the principles but I am also just one of the worker bees and not the primary. I am walking point and can solely sign with enough power to do the deal but its not a big ownership percentage if its an existing property.

However, say its 2% of 10,000,000.  $200,000 to me is a big chunk of income for me. Usually I see there is 4%, the listing broker can just kick it all to 6% and everybody wins. My investor would have no problem with that if its a real deal but getting non listing brokers to believe that? impossible, I don't even want to try.

Jay Elaine Slaydon · Answer

@Charley C. My boyfriend is a developer and of you are talking about investing in the millions on student housing. Message me. If you are taking about distressed properties for pennies. No. Not the person. He looks for 100 million dollar partners.

Ola Dantis · Answer

Nothing beats the local brokers in the market.

Talk about the best source, it doesn't get any better than the good ole brokers!

Todd Dexheimer · Answer

If you are looking to find large multifamily deals to buy and you are a broker that doesn't specialize in MF, then play the role as a Principle and not a broker. Investors reach out to brokers that specialize in listing apartment buildings and build relationships with them. These brokers typically don't want to share in the commission, so it is best to work directly through them. I am licensed and every apartment broker that I work with knows that I will not take any of their commission.

If you are looking to represent, then get a subscription to Yardi Matrix, Co Star or RIES and search for the property/location you want to get the contact information and reach out directly.

Todd Dexheimer · Answer

@Charley C. it sounds like you are wanting to represent sellers to list their apartment buildings. If you are looking to represent, then get a subscription to Yardi Matrix, Co Star or RIES and search for the property/location you want to get the contact information and reach out directly. You will need to build relationships with the owners to get a shot at listing them.

I think there are better websites to learn those strategies. BP is better for investors and agents listing smaller MF.

Cody L. · Answer

I don't want to discourage you but that market is played out.  Everyone with a 150 unit building knows every multifamily broker as they've been called by them, invited to lunch, sent offers, etc dozens of times.  If you're looking to buy you MIGHT have better luck calling an owner than a broker because you're saying "hello owner, my name is Charley, I'd like to buy your property.  I'll pay $x and can close in 30 days".  That goes a lot further than "hello owner, my name is Charley.  I'm a broker and I'd love to list your property and try to sell it"

Rick Martin · Answer

@Charley C. most likely brokers are using a direct mail campaign coupled with cold calling. In addition to what Todd mentioned, there are list services like listsource.com, or list brokers who can sell you a list. You can provide the criteria you need, like 150+, vintage, garden style, etc. Being a broker though, you can probably tap into Yardi.

What is the best source to find apartments for sale?

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