Buying apartment complex that's not for sale

[Nate Moross]

I have my eye on a 24 unit apartment complex that is not for sale. How should I approach the situation to get the owner interested to sell??? Thanks feedback appreciated. Nate

[Hassan O.]

Try to get the owners contact info and start with a letter or a call. In my experience an introductory letter is best as it is non confrontational and easier to get yourself to do consistently. 

1. Look up the tax records for the property from the tax assessors website. There should be owner info listed that will most likely be a LLC.

2. Goto the Secretary of State's website for corporations and LLC filing info, including the officers and mailing address.

3. Type out a professional looking letter (use spell check🙃) where you:

A. Introduce yourself and your company.  

B. Explain that you are interested in making an offer on the property even though it’a not actively listed for sale. 

C. Mention your investment team’s qualifications in terms of experience (units under management) and your ability to close within a reasonable timeframe as your team has the liquidity and net worth required for funding. 

D. Show interest in learning about their plans for the property in the near future and long term.

E. Also inquire if they have other assets they may also consider stepping away from if not this one.

F. Close with an invitation to meet in person or on a call.

G. Make sure to include your contact information.

4. Follow up with a call within about five days of sending the letter. 

5. Follow up with a letter or postcard every 90 days for about a year. 

Make sure that you have a list of properties that fit your criteria to focus on. Be consistent and allow the door you knock on to open.