Watch Us Cold Call Multi-Family Brokers LIVE- He Opens Up About His $1.8M Deal

RVA has produced probably 100 leads in the past month. And so we're going to be calling from that list. And then we also have some more brokers or some brokers that we can call as well.

Yeah, broker. A broker conversation is very different than an owner conversation. So we're going to demonstrate the more difficult. Think of it this way. A broker wants to sell. That's how they make a living. Right. They feed their families that way. So they're going to try to find you a deal. So that's a quicker path, but it's more competitive. Right. So you go directly to a seller. That's where you get your best deals. That's where you get your home runs. Your broker deals are going to be base hits, using a baseball analogy. So I'll keep using that analogy until. Until a better analogy works. How sad. If you guys come up with, okay, I think we're going live. If. If they figured out, that's fantastic. If they don't, you know, you'll just have to trust me. This is the first one. Owner is. This is. This is a 14 door complex. And.

Your call has been forwarded to an automatic voicemail.

I'm leaving a voicemail. Hey, this is Dan Levan. My assistant gave you a call earlier and she said that you may be interested in selling some of your properties. The only one that I'm aware of is. But I'd love to have a conversation with you sometime. My number you probably are getting. But it's. Look forward to the conversation. Take care. The next one is. Hello, this is Dan. Is this. Yes. Hey. Hey. My assistant called you probably last week about some of your properties in Accor. Are you.

Yeah, yeah, yeah, yeah, yeah, yeah, yeah, for sure.

Yeah. You know, we're. It's a cold call, but, you know, are you interested in selling? Because we're buying right now and I'm.

Full disclosure. Like, I'm. As I told him, I'm not a game player. I'm happy to, like, send you guys stuff if you guys want to have a discussion. It sounds like that may be the case, but we. So it's, you know, it's studio apartments. We have a number in mind. It is 1.8. Just to be fully transparent.

Okay. That's good. Sitting on.

Yeah, we're just kind of sitting on it, frankly. It may be more than what you want to pay, but we found it to be just a great area in the market. We're sitting on its cash flowing, so we haven't messed with it. And as I Told you, whoever called.

I think the, the assistant.

Yes, I told him the correct for us is that we have a, a little bit of a heavier handed GP group with us on this one. And to exit out of it for all of us to make sense, we need to reach that number. So that's why we are just kind of sitting for now. And if somebody does offer a number that makes sense, at least 1.8, then we're willing to have conversation and part with it. But otherwise we're just going to continue to sit on for another year or two.

Well, Russell, let's see if we can put some pencils. Let's put a pencil to this. I want to just confirm you're about 90% occupancy. My notes say in 16 units.

Yeah, we're 100% occupied.

100% occupied. Okay, fantastic. And is what year vintage is this?

That's a great question. It is a 60s vintage, probably. Let me double check Payne Avenue. Embarrassed to say I don't know the answer for you because, sorry, 72, but.

Let me double 72. Okay.

But I will write that down to make sure I got the vintage correctly.

Yep. Yeah. And can you give me your gross rents right now?

Yeah, we're 950 and haven't even pushed anything, which is 950 across the board for everybody.

Okay. And they're all the same. Is that a two one bedroom, one bath type of thing?

Yeah, just studio apartments. Just efficient studios for that area.

Okay. Are you drawing? Are you drawing? I, I, I mean, you're close to Knoxville. Are you drawing students there or who's your tenant base?

We're too far out from drawing students over there. It's not really a student based kind of play. It's a workforce housing type approach play. And so we're more interested in workforce housing type product. And so that's where we go after we see a void in the market. And so that's kind of our typical buy box.

That's okay. Well, you know what? This is my cell phone. Is this your cell phone, by the way?

Yes, sir.

Yeah, it is.

Yes. Okay. You know, after this, because I don't have an email address, it's kind of hard to give an offer without an email address. Please text me that. That would be fantastic.

Yeah, I'd be happy to. Yeah, for sure.

Well, good. Well, you, I'm gonna try to put a pencil to that this afternoon and get you something.

Yeah, I could answer anything for you and have a conversation or anything. If you want to put pencil, paper, have any more and I'll go through everything. I make sure I'm not necessary. I'll check out advantage. Happy to pull a rent roll and all those things and I'll. Something. Yeah, happy to send all that back for you because at some point. Right. If we get into due diligence, you'll need all that anyway, so.

Well, definitely hide on our end.

I'd rather just go ahead and have a conversation if you guys are serious. You send something over, we'll have to be transparent about where we are and you guys can figure out if it makes sense or not.

Yeah, just for curiosity too, when's the last time the units have been renovated?

It was renovated right before we purchased it in 23, so it was renovated in 22. Fully renovated. So luckily not had to touch it. Which, which is nice. The previous owner, he was having a disposition need to be done with the product. So we got very luckily and picked up something. Was renovated.

Nice, Nice. Well, congratulations on that.

And there's some additional land as well too, that's adjacent to it. We haven't even thought about going on. That would come along with the purchase as well too.

How much land is. Is next to it?

I think it's about a quarter of an acre.

Not too much, but a little bit too much.

I think it may be a quarter to a half, but it's basically. Basically you could do the same footprint on top of it. You can do another 16 over there, but we haven't even thought about doing it. The whole area is owned, I think, except for. From us. There's another landowner that basically owns everything on that street. And I do not know their name, but if you look it up on the property records, it's. You can see where our group. And then you know the same owner everywhere else.

Yeah. Oh, fantastic. Well, you know what I'll do is I'll put. I'll do a little bit of a back end stuff, see if it, it makes sense and let me get back to you today. All right.

Email address. I'm sorry, what was your name again?

Daniel Levan. L E V A N Dan.

Nice to Daniel, Nice to meet you. I appreciate the phone call and I'll. I'll send you a text message. Again, nice speaking with you, Daniel.

I will promise I'll get you some numbers and if we come close to the 1.8, we'll. Even if we don't get quite 1.8, we will. If we're close, we'll. We'll come back to you. All right, that sounds Great.

Love to have a conversation. Sounds like we may have some mutual interest in other things as well.

Absolutely.

You might at some points, talk again. Thanks, Daniel.

I appreciate it. Talk to you soon. Take care. Bye.

Bye. Give it up for Dan.

Walk us through what you were thinking there, Dan. As you were evaluating that, give us a breakdown on what you heard versus what he said.

I'm just trusting that he got it all because I'm not taking any notes. Yeah, yeah, yeah.

Wouldn't it be cool to have a note taker? Every time you make a note, I tell you.

Jack, where are you?

Human AI. Human AI.

All right, walk us through it, Jack.

Wait a minute. Wait a minute. The other guy called back. So. So let's give him a call back right away and. So we'll get two deals to walk through.

Hello?

Hey, is this.

It is.

Hey. I guess you called me back. My apologies. I was on another call at that time, but my assistant called you last week and you've got a couple properties that you'd be open to having a conversation about someone.

I think you're talking about. What's your assistant's name?

That's a great question, Alex. I think it is. You still there?

Yeah, I'm waiting for you to think.

Oh, yeah, yeah. No, she. She made notes about. It's.

Okay. That's a different phone call. Okay. I get about three or four of these phone calls a week.

Do you really? Well, you must have a lot of property then.

Well, I have a lot of problems.

Okay. Well, I mean, we're in the buying mode right now, so, you know, if. Just because I called about these properties, you know, if you have other properties, I'd love to be able to talk to you about them.

All right, let me ask the wood. Not first. What do you need to know?

Well, I. I'm looking at. It says 14 units. She did not put down the vintage. What year? Let's just look at the. The what. What year were these built? Approximately?

They're all. All on one lot, so I can't sell them separate.

Okay, you can sell them all together?

Yeah, I can only sell them all together.

Okay, well, that's fine. So how many doors is it? 14. For all three addresses?

Yes. Two fives and a four.

Okay.

And 15 and 21 are five units. And 17 is a four unit.

Okay, I've got. I can see that on my notes. Good. And what's the occupancy? Approximately?

What's the what.

What's the occupancy? Are they all rented?

Oh, they. They stay Full all the time.

Oh, that's good. That's good news. That's fantastic. And do you. Do you know what year they were built, approximately?

I don't really, but I'm going to say 1990.

Okay.

But I don't 100% know.

Don't worry about it. It's close. That's all that matters. We're looking for approximation, so. And can I ask one other question? What is your gross rents on these 14 units, approximately?

I've got. Let's see. Can you just. Can you just jot them down?

Can I jot down what?

Can you jot down the numbers? I'm driving.

Oh, I can jot down the numbers, yes.

Okay. 15. One is 900. Two is 900. See? Three is 900.

Okay. Are you giving me the actual rent for the number of bedrooms? Oh, okay. Okay, let me. My notes aren't quite that accurate. Can you repeat that again?

All right. One, two and three are all at 900. I really think one of them might be at 950, but I'd rather. I'd rather undershoot you as overshoots. So 900. 900. 900. And forward is 700.

Okay.

625.

Okay. So. So the average is probably about 8, 800. 850. You think?

Well, that's. That's what I was going to guess, but, yeah, I really hadn't added it up here lately, so.

No, I. I understand. I've got enough doors. I wouldn't. It's kind of a hard question to answer when you're driving.

Yeah. 17. One is 902 is 700. And 50. Three is 650. And four is 900.

Okay.

And 21. One is 900. Two is 650, three is 650. Four is 625. And I think five is 600.

Okay. That's helpful. Do you think. Do you think that. Do you have anything in mind as far as your asking price?

No, not really. I mean, you call me, you know what you've got to deal with.

Yeah, I get it.

I do.

You know, I can tell you, once you make up your mind and give me a ballpark figure, I can tell you if it's worth our while to continue the conversation.

Yeah, no, I. Well, what. How about this. Is this. Is this yourself? By the way, since you're in the drive. You're driving. Can I. Can you text me your. Your email? Because in order to give you an offer, I've got to probably do that in writing. Or would you rather Have a verbal first. What's your. What's your thoughts?

It doesn't matter. But my email is my name and my wife's name together.

You know what, I'm gonna text you my email address just in case I didn't get that right. And then you can text me back yours. How's that sound?

Sounds good.

You know, just. Just kind of curious. Are you. Is this more of an opportunistic call or are you actually planning to sell? Are you. Were you thinking about it previously or not? The.

You know, everything's always for sale.

Yeah. Like it. You're right.

I've had. I've had a million dollar offer on this one and that did make me think twice. But also, if I were to sell everything according to what my master plan is, this and one more, be the last two.

I. Okay, well, you know what, let's. Let's have a conversation on this one. And, and if you have one other one that's for sale too, we'll have a conversation after that. Let's first work on one.

I'm fix to tell you right now.

Sure.

This is called. And there's 24 units here. And they are six.

24 groups of four. Six group of four.

Yeah. And they're. They're like duplexes. In other words. You pull up the front door and you're looking at two doors. You go around to the back of that same building, you're looking at two more doors.

Okay. And.

And then there is. There is an office to go as an apartment manager's apartment in it. So there's 25 rentable units.

Okay.

And that was sort of a mixed up partnership. There's three of us in on it. And we do. The three of us who have some other stuff together, but everything else. The third.

Third.

The third.

And.

And this one is a half and a half. He owns a half and me and my daughter.

Okay.

So we, we might. We're selling 48. We're building 48 new units up at Humboldt. And of course we're scrambling for money to do that with. And this might be one we would sell and buy. Get us cash money to go towards a new one. And it would also clear up that confusing partnership.

Yeah, no, that makes sense. I like it. Hey, thank you much. This afternoon I'm going to communicate with you and we'll see if we can come to something that's close and reasonable. How's that sound? All right.

Sounds good. Yeah. Not sure my daughter sent me the. I actually was expecting another call today, which we were going to turn that person down, but I was going to offer them that they had asked about, and they'd ask about another guy. But anyway, I can't get that thing to come up on my. So I'm gonna ask you to send it to me again. I don't know. She takes care of all the numbers now.

Well, that's good. It's good to have a family business like that too. Well, let me do this. Let me get back to you. I'm gonna crunch some numbers in just a couple minutes, and I'll text you and we'll see. I may be talking. We may be talking this afternoon.

Okay, sounds great. Thank you.

All right.

Talk to you later. Bye. Bye.

Another great job, Dan.

You know, my wife called, too. Should I. Should I do that with my wife right here? She called.

All right. That would be good. Yeah.

That.

That is the kind of guy you want to go sit down at the Denny's to breakfast with, right?

Yeah.

If there's a. You're supposed to ask him. When you ask the vintage of the property, you're supposed to say, what was your vintage?

Yeah. Yeah. He. He sounds older, and it sounds like his wife. His daughter's in it, so.

And.

And he's probably ready.

The older they are, the cooler they are to talk to, but also the longer they want to talk. But my biggest takeaway is how this works. Like, I would give both of those deals. Low probability to. To go anywhere. But you met a guy. I mean, you probably learn a ton from that guy if you did. Just have a few more conversations. But. But the fact that we had a VA calling and two calls, two connects, two offers we can get. Again, they probably won't work, but. But I would have asked Chief discouraging.

Officer.

But you need. You need someone like that all the time.

Exactly.

So that's. There is a role for that.

I'm not a gambling.

No deal is better than a bad deal.

No, you got to follow through. We already showed that.

You got to keep.

You keep in touch with Scott for 12. Now the second one, a lot more. Higher probability. The first guy.

Yeah, I think the first guy is a little unrealistic. But. But let's let Jack do his.

But I would like to have gotten a number from him. You know, when he said, I don't know, you call me. I don't know what I'm asking. Oh, were you talking about 50,000 a door or 100,000 a door or 150,000 door?

And he'll.

Yeah, but that will jar his memory a lot of times.

Yeah, I would not ask that because as soon as he says something he owns it, right? And I want to feed, I want to tell him what it is versus him. If he says 100,000 a door, well, it probably is not worth it. That's so I would actually not ask the question until I'm ready for the response because when a person speaks something now they got to save face, right? So you know, be careful.

Well, when you're two for two, I'd probably figure out if I'm going to waste my time.

Well, that may be, but that's very rare.

Two for two.

You're right. Maybe not four. Force a price out of him, but at least they sure don't want to waste your time. He said he gets ton of calls, but evidently he likes getting calls. It's just that that's amazing me.