All Forum Posts by: Joey Budka

In general, if an apartment deal hits the MLS or loopnet, it's been shopped already to the listing broker's network of pocket buyers. In my opinion, the most effective way to get deal flow is to connect with all the high producing apartment brokers in the area, explain your criteria, keep in touch often, and when they bring you a deal, be ready to jump on it. There is a saying in the apartment brokerage business: "buyers are liars." Make sure you're a serious buyer and you can pull the trigger when a deal comes your way.

@Roy Assaf I will save you a ton of time. I was a commercial broker specializing in MF sales in the Bay Area (similar to Brooklyn market) for 4 years. I know exactly what these owners want.

Two things you should take into account:

1. Stop using unprofessional handwritten letters for MF owners in a market like Brooklyn. Owners are too savvy and sophisticated to consider calling a number from a hand written note. 

2. USE THIS STRATEGY: Get a tight-knit group of experienced investors willing to write off-market offers any time. Run the numbers on a list of properties, ideally dilapidated ones. Derive valuations. Have the investors write fairly competitive offers, maybe priced 10-20% below market value. Mail the offers in the form of a Letter of Intent (LOI), professionally typed out. Then, CALL THE OWNER THE DAY THEY RECEIVE THE LOI. The most important part is to call the owner directly.

I guarantee you'll see results from my suggestions if you work at it for a month consistently.

East Oakland, Detroit, and Compton

Come to think about it, I think we sent out more like 10,000-12,000 postcards.

Yes, our calls were aimed at multifamily owners in San Jose. Our postcards were sent to the same group. The dual approach yielded great results. It effectively branded our group as the number one team to seek out investment advice and brokerage services. 

@Shane Pearlman 

I'm visiting my girlfriend's family in Can Tho, then heading North, stopping by Ho Chi Minh City, passing through Hanoi to Ha Long Bay, then on to the Sapa region. Have you been before? Any recommendations for things to do, places to see?

Sadly, I will be missing this Santa Cruz meetup :(

But will definitely catch the next one!

If I'm not in Vietnam, I will be in Soquel :) thanks for putting this together Shane!

Answer to your original question: yes.

This is what you do: 1. Intro statement/establish credibility 2. Interest generating statement specifically pertaining to subject property 3. Ask an open ended question to get them talking (turn it into a nonintrusive, casual convo) 4. Look for a reason to close deal or set an official appointment over the phone or in person 5. Set follow up appointment date, time and context This framework works. Make sure to roll play with others before putting it to the test.

The answer to your question is yes. Just letting you know, however, that you and your agent will find it very challenging to accomplish this. You're going to need to identify the right properties, line up two or more escrows, coordinate all the financing, appraisals, inspections, etc., and hopefully close with 180 days after COE of down-leg. If you have enough buying power, I'd recommend utilizing a reverse exchange. That way, you're not crunched on time.