I am finishing up my first flip and the process is exactly what I expected thanks to the BP forum. Permits took longer than expected, contractors can only show up when they want to and we were a bit over budget. Fortunately, the property is already sold and we will be walking away with a profit as long as our appraisal comes through at or above our asking price.
I am becoming more and more interested in the multi family game and am curious to see how some of you landed a deal. There are a number of properties in my area all owned and maintained by well established companies. Some are undervalued and have a lot of potential, specifically a 15 units building right in my neighborhood. Property values are rising due to the influx of retail and rentals in the town. How would I go about seeing if current landlords are interested in selling. Does a simple call do the job? Should I ask for their current rents, expenses, NOI and work up an offer? I have access to the funding and partners who have experience, but I want to make my efforts worth while. Does anyone have any specific threads they have read on here that could point me in the right direction? This business is all about action and I've realized that every day a phone call, conversation or article I read gets me closer to a deal. Any feedback is appreciated!
Great question that I dont have a silver bullet answer for. I would love to hear others feedback on whether theyve had success with sort of "cold calling" for deals. I am sure every owner or ownership group would react differently to a call or some form of communication. You may even want to do it through a real estate agent.
What I would not do is ask for their rents, NOI, expenses etc right off the bat. If I took a cold call and someone asked me that right after they asked me to sell, I'd laugh and hang up. If our ownership group had a property for sale, then I'd expect to share it - but not with a random caller soliciting a purchase.