Attention Wholesalers, Bird Dogs and Real Estate Professionals... We want your apartment deals!
We are always happy to work with other Real Estate Investors to find deals on apartment buildings. As such, we will willingly pay you a fee to find us a deal (within the limitations of state law). However, you should know that flipping apartments is not quite the same as wholesaling your typical single family home. Read on to understand our buying criteria.
It's all about the numbers!
We buy based on very strict rules. The numbers must work. On commercial property we look for the "Value Play". That means we are looking for a property with a problem we can fix which will greatly increase the NOI of the investment. The property has to cash flow, have great cap rate, great price, etc.
We don't close in 10 Days
This is a serious business with big numbers. You might be able to close a SFR in a week, but apartment buildings require time. Don't promise your sellers you'll close next Tuesday, because it's not gonna happen. It typically takes 45 days to close, but we can do 30 in a pinch.
We use real contracts.
We've all used simple one page contracts to close our SFR, but that won't cut it on an apartment building. We use serious contracts with explicit and well defined terms. Your best bet is to let us negotiate the contract directly between us and the seller. Don't worry, we'll figure out how to get you your fee.
We don't do marginal deals.
We have investors to protect and plenty of deals to be done; we do not buy marginal deals.
Don't waste my time.
Basically, there are three kinds of deals we do.
1. Great ROI: These are properties in good condition which are already producing good NOI and limited expenses. These properties will kick off a great cap rate from day one. We require 12% to 25% ROI on these.
2. Underpriced Properties: These are properties we can buy at a deep discount. Usually there is a problem which needs to be resolved. We're happy to do the rehab and reposition.
3. The Value Play: These are properties with great potential. C properties in B neighborhoods, problem tenants, burned out landlords, deferred maintenance, etc.
In reading this page I may seem a little crass and not so easy to work with. Nothing could be further from the truth. I'm very easy to work with. Give me a call and we can chat about your goals. If you are afraid because you don't know what you're doing yet, I can help you get educated.
What is a Bird Dog?
A real estate investing term that refers to someone who spends their time trying to locate properties with substantial investment potential. Usually, the intent is to find properties that are distressed and selling at a discount that can be repaired or remodeled and sold for a sizable profit. Sometimes, however, the term is also used to refer to people who find underpriced properties that would make good income (rental) properties. The term itself is a reference to hunting dogs that would point to the location of birds and then retrieve them once the hunter had shot them.