All Forum Posts by: Robbie Reutzel

Hi @Thomas Hickey,

You are correct on all fronts. Multi-family is very hot right now and virtually everything is over-priced.  That's why we target off-market, distressed properties/sellers.  People who need to sell, not just looking for an astronomical price.

Good luck!

Hi Aaron,

There are a number of ways you can go here. The information is definitely available in the public record and through the MLS as well as through list companies. You could also use a service like Co-Star but since you are targeting smaller multis that is not worth the cost.

It's hard to tell you exactly how to pull the list but I have purchased lists as well as pulled them myself through the public record. The data is comparable but it's obviously much quicker to just pay. 

I should add the caveat that I am in Massachusetts so it may be different than Cali. Here you can choose the zip and state use code to focus on specifically sized buildings. 

Definitely doable and I highly recommend it. Good luck!

@Robert Blocker, we use CallPorter now but before that were trying to answer every call.  I don't have personal experience with a pre-recorded message but everyone I know who has tried it had similar results to what you describe.  Totally anecdotal but take it for what it's worth.

I would go call center.  At some point you are going to have to scale if you are going to grow your business.

Good luck!

Hi @Will Eagles,

It's not rocket science.  This year we have gotten deals from direct mail, cold calls, ppc advertising, networking, bird dogs, wholesalers, pocket listings from agents, drive-bys etc.

There are thousands of articles written on how to get off market properties.  Most people try one or two for a month and then quit and say it doesn't work.  Just pick 1 channel, 2 at the most, and do them consistently for a year.  That's how you will find your first deal or your 50th. It can be an absolute grind but that's what it takes.

Good luck.

@Alex Tobias, that is correct. We hope we don't have to re-negotiate but many times it is necessary to make the deal work. 

Most of our deals are off-market distressed properties. Direct mail and cold calling are our two main methods. 

@Mark Dresdner, the property management company will make or break you.  Ideally we like to have "boots on the ground" in the form of a trusted PM or partner.  Someone with skin in the game.  Also expect to have a few last minute visits :)

You might want to look within driving distance of you to start.  I'm in the same boat as you in Massachusetts in that 100+ unit buildings are not all that common and they fly off at exorbitant prices when they are available.  I recently had a pocket listing pitched to me at $150K/unit which works out to ~$15M+.  We focus on other markets because of the numbers.

Good luck!

All I can tell you is that every state is different but I have been able to find this information in MA, NH, ME, NY, FL, and a few others.  It's most likely there but you need someone whose done it before to show you.

You should be able to just run a search and get owner info. 

@Alex Tobias, for us it totally depends. If we're close we'll usually write an LOI quickly to lock the property up but if we're way far off I will generally ask the seller/agent (we try to negotiate direct to seller as much as possible and stay away from listed properties), if it even makes sense to write it up. Generally you have a pretty good idea of value and we make sure to have a due diligence period to verify all information given. Due diligence doesn't start until we have all the documents requested.

Good luck!

@William Pope you need to go to the city/town/county assessor's website. Not sure exactly how it works in Jersey but you can go to netronline.com to get s list. 

Good luck!