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Rainmaker
687,811
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

1. Sign your buyer to an exclusive, you're going to do a lot of work and off-market means you will negotiate your fee, possibly be denied compensation by the owner.

2. Has your buyer told you what kind of yield that they are looking for? That's the first question, and will help you identify properties. It will also tell you if your buyer knows what they're doing. If their target yield doesn't match up with rates of return in the area, it's a unicorn.

3. Identify market rents in an area, which will help you get a pulse on building class.

4. In your target area, look for properties that have been owned for 5 to 10 years, those owners are ready to sell.

This article has more good points.

https://joefairless.com/unique-way-find-off-market-apartment-deals/

May 15, 2019 04:14 AM
Rainmaker
3,267,785
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hmm.   How well do you know this "client"?  If not well the story has a "needle in the haystack" aspect to it.  Good luck.  Hey, I would like to taller, richer and a lot more attractive too.  Would you mind working on that?  Good luck.  Sincerely.  Mean it.  

May 15, 2019 04:54 AM
Rainmaker
560,038
Peter Mohylsky, SoWal Is HOME.
PrimeSouth Properties - Santa Rosa Beach, FL
Let me help you find your path to the beach.

Long shot, too broad an area, they need to pay you an upfront fee for that amount of work.

May 15, 2019 04:10 AM
Rainmaker
2,957,136
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

You need to narrow down that location. Here in NH we have a flood of investors, especially from MA, DT and NY. They love our low prices compared to their own and the rents are just as high

May 15, 2019 03:04 AM
Rainmaker
2,931,147
Richard Weeks
Dallas, TX
REALTOR®, Broker

East of the Mississippi is a pretty large area.  First thing try to get them to narrow the location a bit.

May 15, 2019 02:23 AM
Rainmaker
5,305,040
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You may wish to explore some more productive activities.

May 15, 2019 06:13 AM
Ambassador
3,227,485
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I suppose check for apartment building owners who are behind on taxes, or in pre-foreclosure.

I understand you're looking to refer the client out to agents who may have something that fits this criteria and I can take a look for you here in Charlotte.

May 15, 2019 05:08 AM
Rainmaker
529,562
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

I wouldn't be too happy about that lead but if you are going to work it make some calls. See if you can get a listing out of it. If it's a match for the buyer then it's a win-win. 

May 15, 2019 04:40 AM
Rainmaker
3,010,915
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

This kind of purchase is not in my wheelhouse. It's something I'd refer to a broker who specializes in that kind of property... they often have their ear close to the ground on what is happening or about to come on market. I wonder how many "distressed" owners there are these days given what rents are and how they seem to be escalating. East of the Mississippi is an awfully big area... you really need to narrow down criteria, locations, etc.

May 15, 2019 03:57 AM
Rainmaker
734,470
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

You might be able to check and see who is behind on taxes. Sounds like a lot of time could be wasted anyway you go about it.

May 15, 2019 03:50 AM
Rainmaker
2,772,120
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

You have some good comments here. I don't have much to add yet I will share my thoughts when reading this. 

Can you find me the winning lottery tickets and the winning lottery numbers?

May 15, 2019 09:25 AM
Rainer
155,274
Don Baker
Lane Realty - Eatonton, GA

Yeah, so does every over investor on the planet.  But we can't manufacture desperate people with great properties for cheap.

May 15, 2019 08:36 AM
Rainmaker
1,290,809
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Isnt' that what everyone wants? Every buyer I ever had would have loved to buy a well cared for property from  "distressed owners" needing to sell quickly and, therefore, at a bargain price.  They want it off-market so there is no bidding competition.

May 15, 2019 06:44 AM
Rainmaker
398,121
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

If all that this client gave you for their buying parameters is that they are looking for distressed sellers with great properties and that the properties be off market, then they and whoever helps them are in trouble. Those aren't really very helpful "buy" criteria for an investment property. For example, Will they buy if you take the time to find them an off market apartment building owner that's in the middle of divorce, a mother in law in the guest room (for 4 years now), has a parent in the hospital with dimentia, has pregnant 17 year old daughter, a crack smoking son with gender identity issues and that wants double the market value for the great apartment building they own that's not on the market?? I was being ridiculous but I think you get what I mean. Get some parameters that mean something. What are the guys "buy" criteria? He wants a deal - what is a deal to him/her? CAP Rate, Cash on Cash Return, Cash flow, ROI - something.

May 15, 2019 06:20 AM
Rainmaker
1,577,644
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Shanna Day Team Leader AZ & UT - Call 480-415-7616 my only thought is that in your advertising to advertise "Thinking about Selling  your 4 plex (or what ever) but have not listed it yet".

BTW I like your new profile pic, very 3 dimensional looking.

May 15, 2019 06:04 AM
Rainmaker
749,762
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Your buyer is jerking your chain. Don't be the chump. Those words are exactly what every 'wanna-be' investor says. Real investors will have delimiters like location, Section 8, price range, size and age.

So use this opportunity to develop resources in this market place if you believe this is for you.

Buy into loopnet, join some REIT forums, educate yourself on how commercial deals are actually done. Know what the attorneys do and understand your role. That will make your messaging easier.

Now, pay up for a few of those 'get rich quick in real estate and risk none of your own money'' seminars and start making list of those who are also having their chains jerked. When you see what others are doing, it will prove beneficial in directing where and what you spend your time and treasure.

 

May 15, 2019 05:04 AM
Rainmaker
1,041,013
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You have many great answers here Shanna.  Good luck

May 15, 2019 12:10 PM
Ambassador
4,105,633
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Often distressed owners have distressed properties, and they are generally over priced.

Follow the advice Canice offers before stepping into this one.

May 15, 2019 10:11 AM
Rainmaker
746,303
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Look for absentee owners of multi-unit bldgs in the States they want to invest in

May 15, 2019 09:43 AM
Rainmaker
2,434,288
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This is also known as a steal or a deal...Check the income/expense plus condition and assess to see if it is worth keeping to the current owner. Check taxes and mortgage data and interview tenants at potential sites. They know

May 15, 2019 07:16 AM
Rainmaker
4,904,614
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

it's much easier to focus on listing property.... 

May 15, 2019 03:06 PM
Rainer
225,844
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Get him to sign exclusive agreement

Ask title rep to pull delinquent tax rolls on properties in areas he targets.

Cross reference list with google search by name - get address. 

Address might be a crummy management company who is not keeping up paying the taxes but won't want to give you the client contact

Send letter to other management companies and a few CPA's in target area to fish a big pond.

East of the Mississippi is tooooo broad a statement.

get more details-

number of units, demographics of city, location, high rise, how many stories, how old... make him write out the wish list

 

loop net - sign up

 

May 15, 2019 12:53 PM
Rainmaker
1,482,186
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Yes, they want the property with equity and sellers who are willing to sell that property with a discount because they can not pay their loans or need money fast. Checking NOD is probably the first step. 

May 15, 2019 12:23 PM
Rainmaker
1,516,081
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Not the correct forum.

May 15, 2019 05:14 AM
Rainmaker
1,938,475
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Timing is everything. Good luck.

May 15, 2019 03:29 AM
Rainmaker
422,066
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

That is a long way to drive to show a property that isn't for sale, the owner cannot afford to pay you, and distressed usually means in default which then involves a lender in the sale. Sometimes, NEXT is the best answer.

You could always refer him out, but finding an agent who covers the 20 some states in question might be a challenge.

May 16, 2019 05:33 AM
Rainmaker
4,352,186
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I am on the Michael Jacobs bandwagon..A

May 15, 2019 11:25 AM
Rainmaker
660,216
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I would find an agent east of Mississippi and see if they want to work on a referral for me.

May 16, 2019 02:21 PM
Rainmaker
4,038,002
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I am not in commercial, so good luck.

Jun 04, 2019 10:31 AM
Rainmaker
3,198,038
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

You have to narow the scope of your search or you will search forever without positive results. Time is money.

Have them pick 2 or 3 geographical areas. Minimum size, maximum size. Price per unit limit. Yield requirements????

Cash out, assumption of debt, or owner financing?

Get the answers and then decide if it is worth the effort or you should refer them!

May 17, 2019 05:22 AM