Should I stop pursuing these leads?

Question

Hey BP Community quick question. I have a person in my community who is known as a “slum lord”. His company and apartment complexes have TERRIBLE reviews. He has over a couple hundred properties in my town, and a lot of them need work. On my prospect list I have about 25 properties BEFORE I stopped writing the rest down because I just said I gotta figure out a way to get in contact with him.

I’ve called his leasing office almost twice a week and left notes for the past 4 months, and I’ve even went to his house (he was not home but his wife said that she would tell him I stopped by). I normally would of stopped trying to reach out but his office keeps saying he is looking to sell? Could he just tell them that as a generic response? He has a ton of properties that are boarded up/vacant and some complexes that are getting run down.

In a worst case scenario I’d love to even take him to lunch and learn how he accumulated all of the properties. Should I just stop trying to get in touch with him?

Caroline Gerardo · Answer

Do over. When I my kids had a nightmare I told them in envision the fix, step by baby step to make it happy, then do it.

Time to research who he used for title, type of entity, who is his CPA, look for a soft introduction. What church does he attend and what cultural parallels can you find? What do you have to offer besides bugging him to go to a dinner that he doesn't need? Did the city or county fine him- maybe you can fix that? Ask for his advice on fixing a problem you have? (works for a woman but I can't see your face, can you make a sweet face?)

The movie Grumpy Old Men comes to mind where he yells "you kids get off my lawn" (they aren't on the lawn).

ALWAYS RESIST stereotypes. Find common ground. Offer to help him for free, "I'll mow the lawn at 12 Pine Street if you will chat with me for fifteen minutes."  Show up with the tools that matches the offer: "I can pick up the trash at x address (knowing he has a problem there) and you have a broom and black garbage bags in hand. Or do you have a higher skill to offer???

Wale Lawal · Answer

@Caroline Gerardo  I agree. You need a soft landing to be able to talk with him. I went to a seminar where they taught us how to approach lenders. You want to look for commonalities as this makes you approachable. People can get frustrated or annoyed if you are constantly calling them.

Caroline Gerardo · Answer

Objective is to meet his contacts, get inside, have one of them provide the introduction and you will learn about his operations (they know his cell phone # and routine but he's not been open to cold calling so you need warm fuzzy) . Do you have a title rep yet as a buddy, a local lender? You need those in your quiver.

Steve Adler · Answer

Would the objective of that be to get them to give me his personal number?

Paul Falbo · Answer

@Caroline Gerardo great advice!  I like the way you think. I was going to add to seatch county records for his deals to find the companies he uses. ie title company, lawyer and or property manager.

Steve Adler · Answer

Thank you, makes sense. I’m a CPA and that was going to be one of my ways “in” when I finally contacted him. The challenge is actually getting in touch with him haha!

Steve Adler · Answer

Also, I did not know that I was competing against the leasing office! Thanks for informing me of that. The notes that have been left for him have been along the lines of “I would love to talk to you about x property, and see if you may be interested in selling it. If not, I would still love to set up a lunch and talk about real estate and how you’ve become so successful”

my notes and action to get in touch with him have been nothing but respectful/professional. The “slum lord” was strictly for BP members to get an idea of what the community says about their rentals to help paint that picture.

Steve Adler · Answer

I wanted to address the last part of your message first! The “slum lord” is what his reputation in our town is for their properties! There leasing agency has 500 + reviews and it is 1.5 out of 5 stars.

I do not know him personally, and I want to LEARN from him. Which is why I said I’d love to even go to dinner with him and learn how he accumulated all of the properties, because I would love to have as many one day. I in no way was trying to come off as negative towards him, I was just trying to paint a picture of the reputation and properties he has.for the rest of it, I tried to have a conversation with the wife but she was not home (communicated through a doorbell haha), very nice person but she said that they prefer for people not to come to their house for business… totally understandable! I do not know him personally or anything other than he’s an older guy. Since I don’t know anything about him I have no idea how to add value to him yet, other than being able to buy the properties he no longer wants! Would love to have a conversation with him and see how I could add value though. In order to acquire all those properties you have to know a thing or two and I would love to learn from him.

Caroline Gerardo · Answer

What do you know about him personally? What do you have to offer in exchange for his time? Is he healthy? Does he have family besides the wife? Why didn't you make friends with the wife who probably owns 1/2?  The leasing office is not going to help you, they would love to sell his properties themselves, they are your competition. Calling him a "slum lord" makes me feel it is your attitude that is the obstacle and he's getting that vibe.

Should I stop pursuing these leads?

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