Fruitless apartment building search

[Vasko Gorodetsky]

There's no shortage of posts on the topic of how to land that first deal and I am here to add to that number.

I began my RE journey shortly after selling my company in late 2015. With a sizable bankroll, monthly passive income to support me in the interim and connections in the mortgage industry, I felt very comfortable about having chosen investing in apartments as my next venture. I began by educating myself, choosing my market, networking, writing a business plan, creating analysis spreadsheet, etc. Everything was coming together and I began to feel that confidence that comes with being assured of your own success.

Alas, that success has not come due to the crucial piece of the puzzle refusing to fall into place. That piece is my marketing. 

Up to this point I've mainly focused on brokers and wholesalers. What began as a small list has grown to dozens of contacts skimmed from across thebrokerlist.com, craigslist, backpage, loopnet, and BP. Unfortunately for me, the quality does not reflect the quantity. Quite a few of the brokers/wholesalers don't seem overly eager to have the business resulting in leads that don't meet my criteria (Some send me farmland listings. Hello?!), or no leads at all. The ones that are eager send me deals that are mediocre at best.

My next step is to purchase some lists through ListSource and send yellow letters (already created my own). I've put up a mass of posts of the "I'll buy your building" variety on Craigslist and Backpage. I want to try responding to some of the posts in the "For Rent" section as well with offers to buy. If that doesn't get things moving, I'm at a loss for ideas.

Oh, and if anyone here has used ListSource for apartment building searches before, I have a couple of questions:

- Those on the SFR side of things typically mark "Exclude Corporate-Owned Properties". Am I correct to assume that these should NOT be excluded for larger multifams since many are likely owned by corporations?

- Likewise, SFR buyers will typically search only those properties that have at least 50% equity. When I try this on multifamily lists, the query results drop down to nearly zero. However, if I include "Unknown" in the %equity field, results go back up. Should I include "Unknown %Equity" when I purchase my lists? I see no alternative.

Back to the topic at hand......I realize that this is a competitive marketplace but I had been hoping to get more than ZERO DEALS. Am I missing something? Do I just need to give it time? Any advice is welcome. PM me if you'd like to add me to your buyer list. Here's a brief summary of what I've been searching for:

- Minimum 8 units but hopefully more like 20+

- Up to $2MM

- Looking at TX and FL but may expand search

- Candidate for forced appreciation, value play, what have you

Whether or not I get any feedback here, I want to express my gratitude to this community. This is truly a unique educational space and I have much respect for all you RE brainiacs out there. Cheers!