Apartment Investing - Finding Motivated Sellers

[Andre Jernigan]

Hello BP Community!

Over the past few weeks I have actively been searching for apartment complexes Ohio. I have gone through the listings in LoopNet and continue to do so daily however I know that the better deals are often found off market. With that being said I have conducted some more research and found a complex that appears to have poor management in place. There are quite a few negative comments from tenants about the property. As I was looking at the apartment's website, I saw that most of the rents are going for less than $1/Sqft. Not to mention rents of other complexes in the same area are about $25-$50 more. On a preliminary and very basic case, all of this says this could be a potential for a decent deal given the numbers work out.

The question I have is in regard to reaching out to the property management company. I went through some more research and found that a new property management company recently took over in March of this year. My question is would it be appropriate to reach out to a PM company that has recently been put in place with respect to being interested in purchasing? And more general sense, what would be an appropriate way to reach out to property management companies about looking or properties that are up for sale?

Thanks in advance.