How To Find Motivated Apartment Sellers

[Tony Nguyen]

Hey guys,

I'm trying to see how else i can find apartment owners who are motivated and WANT to sell. Something I did was I printed 100 postcards with a generic message of 'saw your apartment, do you want to sell'. I'm going to drive around certain areas i like (by the University for example), mark down distressed looking apartments (present deferred maint. etc) and send out to them and expect a phone call.

How else do you guys find apartments? Thanks for the tips!

[Johnny P.]

Hey Tony,

Your strategy can definitely work and I've seen others do the same, there are tons and tons of apt buildings that need work and are being poorly managed by the current owners.

I have built a database of properties in my area - orange, seminole, brevard, osceola county etc. I target properties that were purchased in or around 2002 or 2007.... these would be the most likely owners to be facing balloon payments in the near future ( 5 & 10 yr balloons). I'm looking for owners that are motivated to sell and that are realistic about meeting the market to sell. These are few a far between. I have built a list of about 2000 apt buildings so Its pretty hard to burn through the list. Many are not interested in meeting, some will meet but are not motivated or realistic, and some actually want to sell so I get the listing and start marketing to buyers.

So to answer your question, yes I go down the list and call every single owner. I want to know as much as possible about all of the owners so I will call anyone and everyone. However, I wont list a property with an owner who is not motivated or with an owner who will not meet the market.