Real Estate Agent · Herndon, VA · Member since 2017 · 16 posts · 2 votes
I live in a large, seemingly mismanaged apartment complex in an area that usually commands higher rents, and I'm studying the property, turning it over in my head. I think if I could contact the owner I could probably negotiate a master lease that would allow me to increase the value of the property by more money than I've ever seen (friendlier, more professional front office; more thorough maintenance; individual utility metering; assigned parking places; and above all, lower turnover and vacancy). I haven't counted all the units (the place is huge), but I'm pretty sure the place is large enough to bring in around $3,600,000/yr in gross rent, minus vacancies. More if the units had a more aspirational appeal.
Anyway, how does one look up who owns such a property? And, more importantly, any advice for how to proceed with something like this? It seems like such a big, glowing opportunity for improvement, but it would also be a lot for a newbie such as myself to take on. On the other hand, if I just negotiate a win-win arrangement with a master lease, I could resell it to a pro who could do the heavy lifting, right?
@Wade McMaster I use arivify. With the bigger property like that you'll probably discover that the owner is some entity. You'd then have to keep digging down to find the actual individuals behind the entity.
@Wade McMaster I use arivify. With the bigger property like that you'll probably discover that the owner is some entity. You'd then have to keep digging down to find the actual individuals behind the entity.
Wade McMaster Check the local tax assessor 's website. It will tell you who is paying the taxes. Also you can check for buisness licenses and the will give you a name maybe big it's some kind of entity it's registered some where. There should be an address on the tax website. RR
check local tax assessor, check with local water company, or just go in and ask the property management. They'll tell you who they work for or you can find a commercial RE broker and have them do it. Hope that helps
Tax assessor is the best place. You can usually find not only who owns it (or their entity) but a mailing address, when the deed changed hands (how long they've owned it). As already mentioned, you'll need to do some digging if its an entity, but a great place to start.
Thanks! The tax department has the owner's name. Unfortunately, it's a company with the same name as a popular movie (so as to be almost Google-proof) and their listed mailing address is that of the management company I want to try to replace.
Thanks, everybody! I found what promises to be the company's physical address through elaborate search terms. Heretofore, in the Tax Assessor's website, etc., I found the contact info only for the offending management company against whom I intend to compete as a superior alternative.
This has been fun so far, and I'll keep everybody apprised to my progress.
Any thoughts on my plan for signing a Master Lease and flipping it to a more experienced investor/company? Should I just solicit investors and start implementing the improvements and hold onto the Master Lease even though I have a full-time job and little to no experience with commercial multifamily real estate, let alone 200+ unit complexes? Should I start a new thread with this second line of questions?