In a climate where good deals are hard to find, off-market opportunities are key for multifamily investors. But how do you find property owners who might be willing to sell? And once you’ve tracked them down, how do you leverage marketing strategies to get their attention—and inspire them to pick up the phone and call YOU?
Cory Boatright and Sean Terry are experienced single-family wholesalers in the Oklahoma City and Phoenix markets, respectively. Together, the pair stumbled into a multifamily flip that proved challenging. And though they would never do it again, Cory and Sean earned a multiple six-figure profit on the deal. Now, they are pursuing multifamily buy-and-hold as a strategy through Investing Capital Group, a firm focused on finding off-market properties for its capital partners.
Today, Cory and Sean join me to explain how they got involved in a multifamily wholesale deal, discussing what they did right as well as the extreme adversity they faced in route to closing. They share their process for finding off-market deals, offering insight around the resources available for pulling lists of potential sellers and collecting their contact information. Listen in for advice on handling an influx of incoming calls and learn how Cory and Sean leverage unique marketing strategies to earn a 100% direct mail open rate!
Key Takeaways
Cory & Sean’s real estate resumes
- Cory = wholesaler in OKC since 2013
- Sean = 15 years as wholesaler in Phoenix
How Cory & Sean stumbled into a multifamily deal
- Lead on property in AZ, tracked down owner
- Property under contract direct to seller
What Cory & Sean did right in their multifamily flip
- Built in extra time (60-day due diligence)
- Built in extension for $50K
Cory & Sean’s approach to finding a buyer
- Use ListSource to find potential buyers
- Send marketing packet via FedEx (delivery notification)
The challenges Cory & Sean faced in route to closing
- Buyer stalled to postpone nonrefundable date
- Ramifications of failing to disclose reduction in price
Why the multifamily flip was successful despite the challenges
- Multiple six-figure profit
- Learned do’s and don’ts
Cory & Sean’s process for finding off-market deals
- Pull data from ListSource to find sellers
- Use Skip Trace Lists for contact info (20¢/record)
- Cold call, direct mail and target on Facebook
How to handle the influx of incoming calls
- Hire answering service like PATLive
- Hire in-house or local staff (build relationships)
Why you can spend more on direct mail for multifamily
- Fewer leads in particular area
- Critical to get attention of decision-maker
- FedEx with signature request = 100% open rate
Connect with Cory & Sean
Real Estate Investing Profits Podcast
Resources
Skip Trace Lists
Podcast Show Notes
