How to find good apartment deals? Well like anything, it’s somewhat up to you — when you’re creative and diligent, you can find them everywhere.
However, so as not to leave you floundering, I’ve put together a few simple ways that you can use to develop leads on great apartment properties.
#1 – Loopnet.com
Let’s start with the easy one. LoopNet is a website that lists multi-family properties for sale. You can search for all kinds of properties, filtering your search by size, price, location and more.
One of the features of LoopNet is that it often includes many important documents on the property, such as rent rolls, expenses, income reports, surveys and more.
Although the deals listed can be "picked-over", it’s a good start to begin reviewing apartment deals.
#2 – Build relationships
One of the awesome things about real estate – any form of real estate – is that there are soooo many people on the sales side.
You can’t throw a stick without hitting 18 people clamoring to sell you a property.
Why is this so great?
Because when you start talking to real estate brokers and agents, you can tell them what you’re looking for.
Not only will they begin to think of you when they see a property, they’ll be able to turn you on to others who may deal exclusively in that kind of property.
So talk to brokers and connect with these professionals. Talk for a few minutes, then a few days later send a thank you email.
Remember that real estate brokers don’t get paid unless they close deals so they are always looking for buyers.
Before you know it, you’ll have dozens of people scouring the land for you – how’s that for efficient use of your time?
#3 – Off-market deals
Some of the best deals I’ve ever done were those not listed on LoopNet, MLS or with a broker.
In fact, they weren’t listed at all!
I bought a 200+ unit apartment complex with over a MILLION dollars of equity when I closed.
I simply sent a letter to the owner of the complex and stated in my letter that I wanted to buy their property.
So how did I know about them?
Well, just because something isn’t posted for sale doesn’t mean that it isn’t. Drive around your town and look at all of those big fat juicy apartment complexes.
I guarantee that you could buy one just by asking the owners!
There are many reasons. Maybe they want to move up to a bigger property, maybe the property needs work and they don’t want to do it or maybe the owner is far away and cannot pay enough attention.
You can make an offer and give them a chance to cash out.
Some ways to get in touch with these owners:
- Create or buy a list of apartment complexes and do a direct mail campaign.
- Write down a few dozen addresses and go to your local property appraiser’s office – most are all online now – and find out who the owner of record is and then either call or write them.
- Contact other real estate investors and let them know you’re looking to buy.
Just a few thoughts to ponder.
Don’t want to wait?
If you are NOT interested in scouring the web or making cold calls to owners, than we probably should speak as I do all the hard work to locate killer deals for my investors.