How To Buy Apartment Buildings
If you are just getting into Real Estate and you are wondering how to buy apartment buildings, I have some tips for you.
I have been in Real Estate full-time for almost 10 years. When I first got started, my Dad taught me how to canvass properties. This means that I went around to the different apartment buildings in my area and looked for “for rent” signs, “for sale” signs, and talked to owners or managers if they were at the property.
This worked very well because I did not have much money and could not afford expensive marketing campaigns. I also heard about cold calling and knew a commercial broker who was making a ton of money exclusively by cold calling. I tried hard to stay away from that method because I always believed in treating others the way I would like to be treated. At 21 years old, I didn’t have a ton of phone solicitors calling me but I knew how little my parents liked it.
If you are just getting started on a budget, I would recommend the same for you. It is a fairly simple process and one that you can implement today. Here are the steps:
- Go to your town hall (or county if you are un-incorporated)
- Ask to see the zoning map of your area
- Ask what zone apartment buildings are in
- Buy their map if available, or record their data if they do not provide a map
- Go to those zones and look for the apartment buildings
- Look for “for rent” and “for sale” signs
- Call the owner/manager and ask why they are selling – you can use my script if you don’t have one. Click here for a free copy of my apartment building seller script.
- If they sound motivated, email me at nickgraff@ccim.net
- I probably have a buyer for that property and we can split the fee
- Or, you can buy it yourself if you have all of your investment ducks in a row
This is just one way to buy apartment buildings, there are a ton. One thing I have learned so far in my journey is to focus on one thing and then add other things after you have mastered the first thing. Right now, if you are just getting started, it is imperative that you understand your market.
You are killing two birds with one stone when you canvas for sellers:
1. You will learn your market
2. You will find motivated sellers who you can buy from or contract with so you can assign the deal and make a quick fee.
I hope this helped and feel free to leave a comment if you have any more questions or ideas.
Nick
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Nick Graff, CCIM is an experienced commercial broker who specializes in finding apartment building deals in America for cash buyers around the world. If you or anyone you know would like priority access to his deals, visit http://www.apartmentbuildingbargains.com .
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