What does a headache multi family property look like?

[Hayden Wright]

I use PropStream to pull lists of multi family properties which I reach out to via handwritten letter, phone calls, and texts. I want to niche down on the properties I target as my plan is to personalize and build relationships rather than spam and treat it as a pure numbers game.

I am currently searching for properties that have 2-100 units, out of state owners, 5+ years of ownership, and owners that have 5+ properties.

I saw recently on the BP forums that owners will NOT sell properties that have little to no vacancies, do you agree with that?

What other criteria should I be looking for that may be an indicator of a head ache property in another investors portfolio?

I really appreciate your input!

[Richard J Whitmore III]

Have you already identified property or are you ready but haven't found your deal yet. I think that mailers is a long term, fishing numbers game. I have found 17 doors, the owners live an hour away and it is a headache for them. Working out details as the buyer on our land fell through. Have some good things going for us, 10% seller contribution. Lender is in agreement, Price per door is good, there is an upside with higher occupancy. Biggest undertaking for me so far, although i have done a 22 unit 10 years ago with my father.