Multifamily Insights: Ep 247: The Key to Finding Multifamily Deals with Gary Boomershine
Finding deals in today’s market is one of the most common challenges investors face. The demand for multifamily is hot and brokers are getting offers above the asking price as investors are prioritizing hard, physical assets like real estate. However, the key to finding a multifamily deal is leveraging the right marketing tactics and focusing on the cost per deal, not the cost per lead.
Gary Boomershine is the founder of RealEstateInvestor.com and has sent over 65,000,000 pieces of direct mail. Gary shares that many investors get caught up in the cost to acquire a list for off-market property owners and send direct mail. Instead, he believes that investors should be focused on their cost per deal to understand the true return on their marketing.
Gary shares why he is leaving California, how to take advantage of the current market using the Three Ps method, and how large apartment investors can get around property managers to get directly to the owners.
- Starting out in real estate at 18, Gary paid for college by door knocking and cold calling.
We are going into one of the biggest transfers of wealth in history and those that are preparing now are going to have a great opportunity.
- Buying distressed luxury homes that were overleveraged (buying notes and doing short sales)
- Getting prepared for great market opportunities
- Why Gary is moving out of California (looking at the Idaho, Utah, and Arizona markets)
- The 7-year real estate market cycle and where we are now
I believe there will be a decrease in value, especially in coastal areas, along with massive inflation, so you want to be in hard assets like real estate.
- Taking advantage of the current real estate market using the Three P Method: Protected what you have, Pivot and Profit
- Lots of burned-out landlords will be unloading assets
- How Gary is buying and lending in today’s market (creative financing)
Keep the best, and sell the rest.
- This is not the new normal, this is the new weird
- The strategies of iBuyers and large hedge funds in today’s market climate
- The Wall Street curve and how it affects sophisticated and newbie investors
Inflation is coming which will bring great buying opportunities
- Incomplete sale with long term financing will become more of a norm
- How Gary finds the best deals
- Smart marketing tactics for on-market deals and off-market deals (direct mail, cold calls, skip tracing)
- How to get around the property managers of 25+ unit multifamily properties
- Gary shares his postcard copy secret that will outproduce all other marketing content
It’s not about the cost-per-lead, it’s about the cost-per-deal.
- Breaking down the cost per deal
- Drip marketing and how it works
If you’re doing direct mail, you need a phone team and a follow-up system
- Using technology for better lead generation
Partner: Download our Sample Deal Package
Didn’t learn to delegate fast enough
Most Recommended Book:
Traction (Gino Wickman)
Samurai Selling: The Ancient Art of Service in Sales (Chuck Laughlin)
5-10-3: Wake up at 5, personal development until 10 am and spend 3 hours as the CEO in his business (it’s all about delegation)
Wish I Knew When I Was Starting Out:
Hire smart people and leveraging my time better
Curious About Right Now:
Where he is going to find more like-minded people outside California.
**Text Message: ‘Apartments’ to 925-320-0575 and receive a link to free direct mail resources