Cold Calling - Small multifamily property information

[Ryan Overcash]

I'm starting to cold call multifamily property owners in NC with the goal of acquiring properties myself or bringing the properties to investors if the deal doesn't make sense for me. What is some of the high level information you would like to learn about the property on the first phone call? 

[Benjamin Aaker]

Sellers won't want to give much information over the phone, so don't ask for much. Hopefully they have an idea of what they want for it, but since you are cold calling they might not.

You are going to need # units and the rent amount for each. Sellers usually don't mind giving that up. Use the 50% rule to estimate expenses (50% of the income for expenses is a conservative estimate). That will give you a rough NOI and you can use that to arrive at a value. You'll have to calculate that based on the local cap rate and be able to give them a range of numbers and make it clear it's not an offer, but a ballpark estimate based on the place being in pristine condition and needing no repairs. That will get a lot of 'no' answers, but the 'yes' ones you'll be able to move forward.