Finding Multi Family Deals

[Tucker Cummings]

I’m reading through “The Book On Rental Property Investing” by Brandon Turner and just came across a point where he said when he was 25 he bought a 24 unit apartment complex for $15k down with $550k seller financed.

My first reaction was “I’ve got more than $15k, I can for sure do that!” My second thought was “Ok, how?”

I understand the intricacies of seller financing, rather my question is if anyone has good marketing tactics for advertising to multifamily apartments? I want to get in front of them.

- How do you source a list?

- Is there something particular you look? (Much like how when looking for smaller buildings you might look at foreclosures, probates, tired landlord, other forms of distress, etc.)

- Do you do mailing campaigns or is there a better way to get in front of these owners?

- Any other tips for finding great deals are welcome.

[Rick Pozos]

Also remember that he bought that property when no one wanted properties. Rents were down, cap rates were quite a bit higher. There were lots of foreclosures around. Probably there was no bank financing at the time. The seller knew he could ONLY sell with owner financing. Timing is very important when you hear someone's story. Another thing to think about is how much was he marketing at the time to find that deal. Was he spending $500 per month or $5,000?? 

In 2017 I did about 20 deals. A few were wholesales but most were rehabs. I had just started my blog, I had 3 Facebook pages that told everyone that I was buying houses. I went to 3 large REIAs and networked HARD. I had and still have a smaller group that meets every month that I host. I gave lots of advice to people here on BP EVERYDAY. I was sending out about 1000 postcards every month.

I still do all of the above except the 3 REIAs. Now I send out a few hundred postcards more targeted. But still on track to do 5 or 6 rehabs and a couple of wholesale deals. Now that we are cresting the top of the market, I am slowing down a little more.