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Driving for Dollars: �What to look for

Boarded up windows

Poor landscaping

Dirty and signs �of vacancy

No cars or cars that have �been parked a long time

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Cold Calling

Better after sending letters
Script in document library
Do what other people are not willing to do
Hire stay-at-home to set appointments

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Jacob Blackett

Sterling White

"Before we met Rod we did not have any multifamily property. We now have over 1221 units!"

Jacob Blackett

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INCREASE YOUR DEAL FLOW WITH COLD OUTREACH

If you’re budget is too lower to spend money on direct mail, or you want to take even more control over your deal flow, cold outreach is a method you can use to get in front of multifamily owners.

Cold Texting – Effective, But Do So Carefully

Cold Emailing – Most Scalable, But Least Effective

Cold Calling – Best Use of Your Time… But Intimidating

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CRAFTING YOUR MESSAGING

The messaging is simple, regardless of the medium… Intro, Personalize, and Credibility.

Introduction (Introduce yourself, business, etc)
Personalize (Address of their property
Credibility (why you’re worth talking to)

The medium dictates how much of this you can communicate up front.

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Introduction

Hey ___,

I hope you are well. My name is INSERT NAME, I’m a local real estate investor in the INSERT MARKET area. My partner and I own numerous multifamily properties in INSERT MARKET and we’re hoping to buy another building in the near future.

�

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PERSONALIZE

I was wondering what your plans are with INSERT ADDRESS… have you considered selling the property (or any other properties you may own)? We have worked with many investors in the area and would love to chat.

�

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CREDIBILITY

INSERT SOME CREDIBILITY STAT (We’ve purchased X units in the last 12 months, we own X units, we just sold a couple of properties and have X amount of $$ to deploy, etc) and are credible buyers who are capable of closing.

We can structure a deal that best meets your needs as well (flexible closing timeline, minimal intrusion to your tenants, etc), where you won’t pay broker commissions - If you’d like to hear an offer, let’s chat!

�

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When cold calling, tighten up the intro, and get to the reason you’re calling.

When cold texting, abbreviate the intro, quickly personalize, and include a quick credibility stat.

When cold emailing, use the entire template.

ADJUSTING YOUR MESSAGING

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THE PLUG-AND-PLAYPROCESS

THE PROCESS - assuming your list is skip-traced and prepped

1st of the month: Call the owners on your list
5th of the month: Text the owners on your list (do so compliantly, which is 1 to 1 messaging on your cell phone), referencing that you called
10th of the month: Email the owners on your list, referencing your call/text

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Treat this as networking, not prospecting

If you aren’t interested in selling, that’s alright, would love to connect with another investor in the market!

Remember, you’re prospecting to individuals – be human!

Embrace being friendly and casual, as it helps to build rapport. “I know you must love getting called out of the blue, I know I’m just some guy calling you out of nowhere, You likely get a bunch of these emails, etc.”�

Goal is to quickly develop a relationship, and put owners in your CRM (and schedule follow up over time)

Very rarely are you going to catch someone at the exact moment that they’re looking to sell a property, the objective is to introduce yourself, establish credibility, and build rapport over a long period of time, so you’re the call when they do!

FINAL TIPS

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Other Ways to Find Deals

Classified of Newspaper
Mom and Pop Owners
Smaller Deals
We found a 19 unit that only 2 people called

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Craigslist

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3 Methods to Maximize �Success on Craigslist�

Reach out to properties in the for sale section

Post ads saying you buy multifamily properties

Cold call “for rents”

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Reach out to Properties in the �For Sale Section

Craigslist Email Script

Hi, my name is _____. I’m sending this message in regards to�your duplex for sale at ___________________.

I’m a local real estate investor, and buy properties very similar to yours in the area. I’m highly interested and would love to get some more information from you regarding the property. I would love to talk soon.

My contact info is:

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Post Ads Saying you Buy �Multifamily Properties

Focus on pain points:

“Sick of dealing with problem tenants?”
“Tired of late rent and evictions?”
“Is your income property not producing any income?”

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Brian A I got my first deal off Craigslist! A 36 unit for around $1M. It works

There are strategies that work very well with Craigslist

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MLS/Agents

A solid and reliable residential agent is a great resource
Set guidelines

First, you’ll want to have them set up an alert for each multifamily property that hits the MLS.
You’ll next want them sending you anything that fits your criteria.
Make an offer:

On all properties that fit your requirements for size, price range, number of units, etc.
On any foreclosures, HUD properties, bank-owned, and short-sales
On any multifamily properties that are labeled “as-is, vacant, and price reduction”

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Properties WITH CODE VIOLATIONS Often Fly Under the Radar

These leads are often some of the most motivated sellers you can find
This strategy goes hand in hand with driving for dollars, as many properties with overgrown grass, are vacant, poorly taken care of etc. will have code violations as well

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Target Owners Going Through Evictions

You ideally need to go to the courthouse to get a feel for the local eviction climate

Some information will be online, but most effective to have face time with the owners immediately after the case is finished
Typically, evictions take place on the same day each week or month
Attend the cases and start a conversation with the owner.

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Networking with Probate Attorneys

Great way to get off-market deals
The best way to get the ball rolling with them is to call and ask if you can come in and have 10 minutes of their time

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Buying from Banks

Banks don’t want properties on their books
They are not in the real estate management business
Set up relationships with local bankers
You’re a problem solver!
Become their go-to guy/gal

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Other Ways to Find Deals

Service Companies who work in industry
Pool guy, window repair, landscaper
Ask these guys if they know anyone who might be selling soon
Sellers will say “I’m going to sell soon, we’ve got to make the place look better”
Offer a finders fee

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Q&A Time

Ask Questions

Clarify any concepts from today's session

Share Insights

Contribute your perspective on market analysis

Group Discussion

Learn from peers' questions and experiences

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Content Schedule

Access the full program calendar with upcoming classes and events & meeting Links.

https://www.addevent.com/calendar/oK860101

Call Recordings

Recordings of all scheduled calls and virtual meetings will be found in your online course portal

Resources & Call Recordings