Found a potential home run! how do I find the owners contact info

Found a potential home run! how do I find the owners contact info

Austin, TX · Member since 2016 · 23 posts · 11 votes

I live in Austin, a super hot market, and I think I've found a potential home run home. 

I need advice not only on how to find the owners contact information but also on managing the relationship of a "friend" who currently lives there. So here's the dealski, follow me for a second. My wife's, friends's, boyfriend, aka the "friend", invited us over to his apartment for a BBQ. He lives just south of downtown Austin. A HIGHLY desirable area, especially for young single professionals. It's a three unit property that was built in 1973. We get talking and it turns out his landlord is a very elderly man that is timid and doesn't seem to want much to do with managing the property. My "friend" pays ~$900 /month for his unit, split with a roommate. Not only this but my friend here tells me that for the tow years he has lived there the other two units have not had any tenets in them. 

I believe I've identified a landlord who doesn't want to be a landlord of a potentially $400,000 dollar property that when fixed up will rent for ~$1400 / unit /month. (called to his next door neighbor that has the same three unit model to see what that rent was going for). 

I brought this up with my "friend", not really a friend but acquaintance, and asked for the landlords number. He responded by saying that he won't give me his number because he doesn't want the landlord to sell the property or get the idea of selling the property because his rent might increase. .... Palm to the face.... Some people just can't see opportunity, even when their living in it.  

So first question, how do I manage this guys feelings when he finds out that I have gone around him to buy this property and now I'm increasing his rent? haha can't wait for that convo.... 

Second question, how do I find the landlords contact info? What I've done so far:

1. Pulled up the property record and discovered the name of the owner.

2. Googled the owners name and tried to find a business or other point of online presence they might have.

- Scary what you can find, I basically know their who life history now. Death of a husband, where kids went to college, who they got married to.... 

- I've considered trying to reach out to the kids but they all live out of state and I'm not sure how I would be received or if that is the way to go. 

3. Called every public record number I have found associated with the owner's name. Almost all disconnected or don't work.

4. Pulled title on the property but that didn't give me any more information than I already had

Additional info.

- The mailing address associated with the property is a little ranch about an hour and half outside of Austin. Is it bad business to show up unannounced and just knock on the door? They are elderly so I don't want to scare them. I'm thinking of leveraging my wife for this portion.

- The owner has two other properties within Austin city limits in equally desirable places. If they are in the same condition and the owner is willing to package them all into the same deal, it could be a HUGE win.  Very important to at least sit down and talk with them and see what their goals are.

- I have not yet tried mailing a letter. 

Any other ideas or best practices to try and get into contact with these good folks? 

Thanks for the help.

ps. First BP post! Yay!

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El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
9y

I'd write a letter and send it off today. Right now. I wouldn't show up unannounced but maybe mention in your letter you're available to meet up ASAP face to face to make it more personal. 

I wouldn't worry about the "friend" living there. You've got to make decisions to achieve your goals and you've found an opening. It's not like you're doing this out of malice. If you get the deal you run it as a business and a business cannot run on $900/mo rent around there. 

*edit* I wouldn't even mention anything to the friend or anyone else in connection with them from here on out.

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  • El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
    9y

    I'd write a letter and send it off today. Right now. I wouldn't show up unannounced but maybe mention in your letter you're available to meet up ASAP face to face to make it more personal. 

    I wouldn't worry about the "friend" living there. You've got to make decisions to achieve your goals and you've found an opening. It's not like you're doing this out of malice. If you get the deal you run it as a business and a business cannot run on $900/mo rent around there. 

    *edit* I wouldn't even mention anything to the friend or anyone else in connection with them from here on out.

  • Austin, TX · Member since 2016 · 23 posts · 11 votes
    9y

    Thanks @Doug Woodville. 

    I'm sending out the letter but if that doesn't work... I might have to go pay a visit. 

  • El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
    9y

    Well remember that sometimes it can take multiple letters to hear a response from someone too. Post up with your results though! This sounds like it could be something good. I wish I was in your shoes. 

  • Kingston, NY · Member since 2017 · 252 posts · 138 votes
    9y
    I would mail a letter. Consider a handwritten letter because it adds a nice personal touch (pending handwriting).
  • Austin, TX · Member since 2016 · 23 posts · 11 votes
    9y

    Hand written for sure.

    I'm typing it out now and my wife will be the one writing it haha. 

  • Real Estate Agent · Austin, TX · Member since 2008 · 58 posts · 26 votes
    9y

    @Levi Koskan What about cutting the "friend" in with a finder's fee: ie, some rent control or a cash bonus if the deal does happen from his assist? But yes, send the letter immediately!

  • Austin, TX · Member since 2016 · 23 posts · 11 votes
    9y

    @CP Chou  I did have that same idea, I offered him a limited partnership were he could help me update the units and in exchange he would gain ownership (similar to a condo) to his unit. He did not bite. 

    So as an update, I've composed my letter and mailed it out. My letter is below. I would love thoughts on it.

    Dear XXXX and XXXX,

    I hope this letter finds you in good health and spirit,

    My name is Levi Koskan, my wife is Lexie. I’ve taken the time and effort to write this letter in order to express my interest in your goals for the property located at XXXXXXX XXXXX XXXXX.

    Lexie and I have been looking for a home to live in, and invest in for some time now. We love real estate and when we came upon your property we felt like it is something that we could really put ourselves into fully. I’m sure that when you invested in real estate you feel the same way.

    What we love so much about your property at XXXXXX XXXXX XXXXXX is that it is so close to some of Lexie and mine’s favorite restaurants and hang out places.  Additionally, I believe the floor plan, age of the property, and backyard amenities would provide a lovely living experience for my wife and me.

    Lexie and I are responsible, young professionals. I work for a technology company that services no-profits such as Habitat for Humanity and the American Heart Association. Lexie works in clinical research helping people get the treatment that they need for a better standard of living. We both understand the value of hard work and are looking for the opportunity to put effort and love into a property.

    Depending on what your goals are, we feel that we could offer some support to you. As I’m sure you are well aware of, managing a property and its tenants is a tough and time consuming job. We would be excited for the challenge of making the property shine and finding quality tenants. I would enjoy managing the property for years and years and creating wonderful memories with my wife.

    I don’t know what your situation is but if it makes sense, I’ve written this letter hoping to establish a line of communication. Lexie and I would like to meet both of you and have a meeting or phone conversation to talk about each of our goals and see if there is a way that we can help each other.

    Be­­­­low is my contact information and I’ve include a picture of my wife Lexie and I.

    Levi Koskan

    I look forward our future conversations. 

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