I have selected a few C class investment properties in NWI that I want to explore further.
I have emailed the realtors directly several times requesting financial data on the property, rents, utilities, etc. None of them have replied.
I'm a bit surprised as I figured that in this market, anyone looking to buy would be worth engaging.
Is this normal?
Is there a better approach?
(note: I'm in the Middle East so while calling is an option, I'd prefer to stay on email due to the extreme time difference.)
With the market turning, some brokers are just trying to figure out the market and also determining whether a seller still may want to sell or not. With brokers it very much about building a relationship with them. While email does work pretty well and they really should at least send you some kind of response, it can be slow based upon the current virus shutdowns and people just trying to figure out where the market is and where it is heading. You would keep trying the email, but reach out on LinkedIn or Facebook if they have a profile. If it comes down to it, you may just have to call eventually and see where they are at on things.
If the property is on the market, there should be some financials there so just keep digging. I have had some brokers and owners who don't give you much and you have to re-create it. If you know the area well, you may be able to come up with estimates for income and expenses based upon current rents and expenses for the area. Knowing the cap rate of the area, you should be able to estimate a value for the property. Once to get to a broker or seller, verify all assumptions at that point to get your real numbers.
Wish you success.
Lol- they all are jumping on the unemployment train and collecting their checks. I’m in that area and can assist.