One technique I’m using to find deals

[Jason Malabute]

One strategy I am trying to implement to find deals is to tell everyone I meet what I do and what deal criterias I have. Every time I meet someone at an event, coffee shop, online real estate forums, or get off the phone with a lawyer/financial advisor I tell them what I’m looking for. I have perfected my elevator pitch because I’ve told people what I’m looking for so many times “8-20 unit apartment building in Indianapolis/Bloomington/Terre Haute Indiana markets. Built between 1960-2000, at least 85% occupied, and more than half of the units should be 2 beds . I don’t like buildings that are all one bed. I can close in 45 days... cash “ I tell people I have no problem paying them a little commission if they bring me something that meets my criteria. You never know who people know. It’s kind of more challenging right now to meet new people because there are no events and everything is closed because of the pandemic 😷, but once things get back to “normal” this will be another tool in my tool belt. Have you guys tried this technique to find deals?

[Salvatore Lentini]

@Jason Malabute - Networking is the key to success in real estate.  I have gotten many deals through networking.  I wouldn't get to specific, especially in this environment.  Inventory is pretty limited and you want to make sure you don't turn your nose up at a deal that is outside your criteria but has major upside.  Maybe you find something that's all large 1BRs.  Could you reconfigure and a bedroom?  Could you combine units?  Maybe the building has unused space that could be added to certain units.  I bought a building that had all sorts of unused space.  I was able to add a bedroom to an efficiency, turn a 1BR into a 2BR, turned another 1BR into a 2BR and added 4 additional units (two 1BRs and two 2BRs) in areas that were used for storage for decades.  It was a building I would've passed over if I came across it but another investor I know told me their thoughts on the property (they were going to buy it but their money partner backed out).  It turned out to be one of my best investments to date.