Hi BP Family,I wanted to get some advice on the best way to approach commercial multifamily brokers on acquiring their expired listings.How willing are brokers when it comes to sending Investors their expired listings of apartment buildings?

If your gonna put down $5k or $10k non-refundable as the wholesale realty companies require you need make sure the deal will fit your goals if the appraisal comes in low or the HML just brokers the deal to another HML and your OOP jumps $10k from what you projected.

In this situation a broker/agent will look at things and say this person isn't very realistic or the odds of me finding this are very, very little.So for instance if I have a buyer wanting a 12 cap for a B location area 100 unit apartment building that is fully performing I know it isn't out there.

Also, if you are active in the market out there I would like to meet up for coffee or lunch or something if we are unable to meet at a meeting I am interested in that as well.So far my schedule looks like this:Jan 25th - Fly in see the family and get situatedJan 26th - Meeting with new lender and new broker (no exact times set yet)Jan 27th - Attending AREA Real Estate School in Waltham from 9am to 7pmJan 28th - Attending AREA Real Estate School in Waltham from 9am to 7pm and I will be rushing over last minute to try to catch the end of the Black Diamond Group's meet up which starts at 6pm (I am hoping I can get out of class a little early this day.)Jan 29th - Attending AREA Real Estate School in Waltham from 9am to 7pmJan 30th - Attending AREA Real Estate School in Waltham from 9am to 7pmJan 31st - Taking the MA Real Estate Broker Test at 12pm...Also, I might catch a train from Providence, RI to NY with my cousin for the super bowl from (Jan 31st to Feb 3rd).

The income & asset statements from all the free & clear properties we owned (here) didn't mean anything to them (only the IRS can attach foreign investments :)The first 2 banks balked so we went to a great mortgage broker & had a mortgage with yet another Bank @ 2% higher than the going rate (but I do remember the closing/legal costs were a little high).

When working under a broker, there is (in most cases) going to be a commission split, where you and the broker will each get a percentage of the commission.

I am in MA networking and getting my MA Brokers license this week.

In my forthcoming book "The Value Investors Guide to Apartment Buildings" I use this illustration to show the relationship between cap rate and price given a certain amount of NOI: Good hunting-Thanks Giovanni,Since Iam still learning about MFs I doubted myself when challenged by a broker I'am working with.

FYI - I recently posted this in another thread - might help you get your head around what it takes to start a wholesaling business ~What you need to get started is:1) A process2) A teamKnow exactly how your process will work:a) Meeting cash buyers & understanding their needsb) Finding motivated sellersc) Evaluating propertiesd) Calculating offerse) Testing the water with your buyer(s) if necessaryf) Negotiationg) Closing via a contract/agreementh) Assignment to a cash buyer via another contract/agreementi) Receiving payment at closingFor your team, you'll need to know:a) Cash buyers, of courseb) Real estate agent(s) or broker(s) - provide comps, MLS opportunities, etc.Perhaps also,c) Title company (good to have but more important for cash buyers; but you may want one to hold earnest money in escrow)d) Attorney (required in some states)Best of luck!

I am an reo and HUD broker in Colorado.