I want to buy more 4units and Greater...How do I Market ?

[Alexis Zion]

Hi Gang

I need your help. I am a landlord, and am wanting to buy more 4 -16 unit buildings. How do I market to find deals? What is the best way. I thought about direct mail as the best method. I am part of the Apartment association, but the networking has not been going well. MLS is not working...

For whatever reason I am drawn to Direct Mail....but I have no clue on how to do it.  All of the podcast focus on mailing to people for single family homes.  

HELP PLEASE  

Advice and resources would be greatly appreciated 

[Owen Dashner]

I'm not sure how to post a screenshot, but I can explain how to pull the list.  Go to listsource, click "Build List" at the top of the screen.  You should now see several tabs: Geography, Mortgage, Property, Demographics, etc.  Select your desired zip code(s) from the Geography tab, then go to the Property tab.  From here you click on the drop down menu and select "Property Type".  This will pull up a sub-list of different types of property (i.e. single family, duplex, apartments with less or more than 10 units, quads, etc.).  Just highlight the type (you can hold down the CTRL key to select multiple types) you are interested in, and click "Add >". 

Once you have done this, you should now see a number where it says "Count" in the upper left part of your screen.  This is the total number of properties fitting the property type criteria you selected in your specified zip codes.  You can play around with selecting more or less property types until you arrive at a number you are happy with for your mail campaign.  Then all you do is click the "Purchase List" button at the bottom of the screen.  Now you're done and ready to rock on your mailer list!

To answer your question on what to say when an owner calls, I don't really follow a script, per se.  I try to ask open ended questions to let the owners talk, keep it conversational and try to find out what the owner is trying to accomplish by calling you.  The main things you will want to find out are:

1. What is the address of the property?

2. Tell me about the property (let them talk for a bit, try to find out about their situation as well and how motivated they are to sell).  Go with the flow of the conversation, get an idea on the condition of the property (repairs needed), as well as how long they have owned it (potential equity).

3. What do you think the property is worth?  How did you arrive at that number?

4. How many units are in the building, and how many beds/baths for each?  What are the gross rents, and which utilities are owner vs. tenant paid?

5. What made you decide to give me a call (this is another open ended question that will give you another litmus test on how motivated they are)?  They may tell you that they are a tired landlord, hate realtors and don't want to use one, they may say that they don't have the money to fix everything and just want to sell it as-is.  They may say that they need to sell the property this week because they need the money for a medical procedure.  You just never know what you will hear, but it always gives you a better idea on how motivated they are.

6. Do you have any other properties you are considering selling?  Always ask this because you just never know.

7. When can I view the property?  This is assuming that the seller sounds motivated and the property fits your criteria.

Those are the main things I focus on.  Don't worry about asking a thousand questions on the initial call.  Just find out the main things to see whether or not it's a potential fit for you, then go see the property and you will get a lot of your other questions answered.

Good luck!