How we keep finding Off Market Deals - the Easy way - Live

Hello and welcome back to the channel. I'm Christian Osgood. Yes, I'm wearing a nose strip. It's allergy season here in Texas. I'm outside in the beautiful weather today. Coming to you guys for a quick but I think super valuable live. I'm gonna go hop on a webinar here, by the way, uh, last time I'm ever running this webinar, uh, talking about how we're finding funding, negotiating deals, basically the setup for how to do the portfolio. I have a whole new series coming out, and so we're running the last version of that. So we will keep this brief, effective, and awesome for you. As always, quick updates: 76-unit is on the way. We are almost through with the financing. We're getting through the state approval. We are almost fully funded. So we're looking at adding 76 units in Stephenville in our first year and a half of operating there, picking up 170 units, doing exactly, exactly what I'm sharing on this particular live. So if you are looking for off-market deals, like, how are these guys doing this? Uh, this isn't something where I just came up with some magic strategy that worked once. This has worked again and again and again in multiple markets, multiple places. This will always work. It is so ridiculously Simple. So, uh, we did this in Moses Lake, Washington, bought about 200 units there, just under 200 units. Um, I did this in Mason County where I bought a seller-financed resort, a 28-unit RV park, and the house next door to the resort, expanding our resort by another million dollars and 2.5 acres. Add some RV spots, some units, a lodge, storage. I've been able to do this in multiple markets across the country— red states, blue states, small cities, big cities— because It's so stupid simple. It doesn't cost you a whole lot of time. This is how it works. And if you guys are like, oh, there's another video where we're sharing like the, oh, find people on Google. I'm gonna go deeper. I'm gonna go into the conversations you actually have with those people.

So I'm gonna go take you over here, get seated, and we're going to launch. Okay, so yes, the first thing that you want to do is you want to find who owns the properties in the markets you want to own in. Those markets are going to be places that you want to invest in that are interesting to you and population is going up. On a high level, that's pretty much what we're looking for. If you're like, wait a second, that's like thousands of markets. Yes, this works in thousands of different markets. Find the one that's interesting to you and go after it. I would recommend not looking at more than 2 or 3 markets at a time though. Focus in, build the relationships. The relationships will get you the deals. Now, when you find the properties, and there's not that many multifamily buildings in a small market, but when you start to find some of these, you're like, okay, I'm getting a map here. And I did this on a plane ride for Moses Lake. This can take you one day, but I spent the time mapping out who owns what, what LLC owns what, and what individuals' names keep showing up. Step 2, I look at the brokers in that market and I go, okay, who's listing all the properties here? They're going to know other people and they'll connect me to other owners too. So I'm just going to get a basic map. There's a one-day project, one day. Who owns the multifamily? The entity name or the individual's name, which brokers seem to be working with these people. I now understand who the players are in my market. And guess what? Multifamily, it's a smaller pond than you think. Every submarket or in a smaller town, you're going to have usually 5 to 10 players who own a vast majority of the multifamily. Then you'll have some mom-and-pop people on top of that, and that's your market. It's very, very simple. So that's how we're finding them. Google Maps, then you go to the county record data. All you do is type in partial view or GIS data or county assessor, look at their parcel map, find those buildings. It takes almost no time. I have a ton of videos on how to do that. Now we actually get to the owner call. It is a simple call with one goal and one goal alone. All you are going to do is you're going to call them and you're going to ask them, or you're going to try to get to booking a meeting. It is technically a sales call, but the close is they have agreed to meet with you. It's not to have an amazing call. It's definitely not to have a long call. If the call's gone too long, you've blown the call. This isn't going to work. A quick call, hey, it's my first name. I just drove past your property. Or if you didn't do that, don't lie and just say, hey, I just saw your property. It doesn't matter where you saw it. You happen to see on Google Maps. They don't know that. I just saw your property. It's this 20-unit apartment complex in, we'll say, In my case, Moses Lake, Washington. Share one thing that is true of you. When I owned duplexes, it was, hey, I own the duplex down the street from you. Today, hey, when I'm calling in Waco, Texas, I really want to buy in Waco, Texas. Hey, I own up the road from you, Stephenville, Texas. It's a little over an hour away. I bought a ton of deals in that market. I have not found a way to break into the Waco market yet. The response is almost always going to be negative in that, hey, I'm not selling my building, or I get calls like this all the time. Your response to that: awesome, I don't have any money, couldn't buy your building if I wanted to. Here's what I'm trying to do. I found that meeting people who've done the thing that I want to do is the only way to move forward in a reasonable amount of time. I am trying to insert your goal here. When I started, it was retiring my wife. Now it's I'm trying to scale into Waco. Whatever significant goal that you have, communicate it. And for me, I manage buildings in Waco. My property management company is down here. It's the only market where I don't own a building, but we do operate. I want to be an owner down here. It's really important to me that I offer that for my clients, and I want to be a part of this community. My sister went to college here. I love this town. I work in this town. I'm here all the time. This would mean the world. You start getting connected with those owners. You ask them for a meeting in that call. You suggest the time, you suggest the place. Hey, uh, on this day, I'm going to be at this coffee shop at this time. Is there any chance that you live within proximity of this property where I could take you out to coffee? You're going to get a yes about 50% of the time. If you go through that flow, about half the time you'll get a yes. Your goal, once a week, meet with those people. In that meeting, here's the flow I'm going to get in. How am I looking on time? I have 8 minutes before I have to change my shirt and go live. Perfect. Okay. Here is the flow that you are looking for in this conversation. Start with some basic small talk. Don't just dive right into a meeting. That's kind of weird. You just met them. So anything but the weather. You can talk about the local sports team. You can talk about the traffic getting there. I don't care. Just don't be lame and talk about the weather. One round of small talk, say something that gets the conversation going. The next thing you're gonna do is the verbal agenda. Do not say, all right, verbal agenda. I don't know why almost everyone announces that they're doing a verbal agenda when they do a verbal agenda. Having a verbal agenda is not part of your agenda. What it actually looks like is, hey, thank you again for meeting. This is what I was hoping to go over today. I am starting, and you reiterate your goal. I am trying to break into Waco. I'm trying to get into this market. I've been spinning my wheels for a little while, but I have this goal of 100 units here, which will allow me to insert significance here. I am looking for people who've done what I want to do. You have this building, and it looks like you probably have a couple of other buildings around town. I want to know how you had success here, and really, I think what I'm interested in is, is where you started your journey. And then let the conversation breathe. They're going to share their pieces with you. This is what that meeting looks like though. So you go small talk, verbal agenda, ask an open-ended question about how they got to where they're at, and then you just engage with them. Be a normal person. Dive into the 80/20 rule. Uh, note-takers, I know this is a live, uh, just write down these steps. This is literally like a perfect guide on how you do this. Uh, in my opinion, this almost always works. 80/20. They do 80% of the talking, you do, uh, 20% of the talking, 80% of the listening. Ask good, curious questions about what they say. Don't be a weirdo. Like, if you lack social skills, just mirror their body language loosely. Don't literally copy them, but if they lean forward, you know, wait a few seconds, lean in a little bit. Basic mirroring. Match the tonality of the call. If they— if they're upbeat, be upbeat. If they're, you know, seeming really reluctant, match them and then bring the conversation upbeat. But you want to have an energetic conversation with them. Near the end, you want to get some closed-ended questions, and I'll give you the golden one here at the back end, but I'll ask more specific things. So let's say there's a real conversation I had in Moses Lake. He's like, hey, instead of coffee, let me drive you around my portfolio. So I hopped in his truck, and this is a guy named Gary. We're driving around Moses Lake. He's like, hey, this is the first deal I bought by myself. When I ran out of money, I started partnering. This is the first deal that I partnered on. So that's where you can ask questions like, okay, I am looking at bringing on partners, uh, to help, you know, navigate my current lack of capital. If I'm bringing on capital partners or I'm trying to partner on these deals, uh, what difficulties did you experience? Like a specific question like that. You get more specific. Uh, one, it's actually good to get the knowledge. Two, you seem— you come off as a much more intelligent and informed person when you know how to ask good questions that are relevant to the conversation. If you just keep peppering them with open-ended questions, people get bored and want to leave. So you get more specific, you let them elaborate, you get some of the stories that got them to where they're at. And then at the end, this is called anchoring. I share this often, but it's important if this is your first time hearing this. Every movie does this. There are things in the beginning of the movie that they'll reference throughout the movie. It could be a song that plays in the beginning or the end. It could be a scene or a thing that happens they reference. I often use the example of Wolf of Wall Street, Matthew McConaughey doing his little, uh, thing in the beginning of the movie. Now, near the end of the movie, when Jordan Belfort's character basically becomes that guy, he does the same thing in the office, the low thing. It anchors you to the beginning and it makes you go replay the whole movie in your head. You now remember everything that happened. You have emotional attachment. You do that with your goal. So remember in the beginning we had a verbal agenda and we, we clarified this is what we want to do. Well, now, by the way, uh, this will be posted to the channel later in response to the question in the chat.

Yes, it will.

Um, so what you do is you go back to the beginning, you communicate your goal again. It's like, okay, so I'm trying to get here. In my case, for Waco, we'll dive back to that. I'm trying to pick up apartments in Waco. To subsidize the fact that I'm already working here and it's the only market where I don't own any rentals. And we have a ton of property management business. Shameless plug, if you have property in Waco as multifamily, I want to manage it. But when we're in this conversation, this is what I'm trying to do. Based on how you built your portfolio here and what you've done over the past few years, what do you think my next logical step is? This question makes them have to think all the way back through the conversation. It anchors in their mind Christian is actively trying to buy properties in Waco. He owns a property management company. He's been successful elsewhere. They have to remember all that. They have to replay everything that they've talked about and say, hey, uh, if I was trying to get where you're going, this is what I would do next. They'll give you a takeaway. And the best part, not only have you anchored in their mind who you are, what you're working with, and where you're headed, when you do what they suggest, which you don't always do, by the way,, but oftentimes they go, hey, I would call this person, I would do this meeting next, I would close a deal of this size. When you do whatever they suggested, you get to call them and that is your next touchpoint. You reach back to these people and you thank them for what they gave you and how it's helped you move forward. Example, there's a guy who told me, hey, I think you need to buy this building and you need to sit on it for a couple years. When you've saved up some cash, the right thing to do is to do a pitched roof. This was a valley roof, so in the winter snow would pile up on top of it. It had leaking problems, but it was otherwise a great building. He's like, I will sell this building to you seller financed. If I were you, I would sit on this, wait a little bit, stabilize the property, and when you're in a position where you can pull the money out, do a pitch roof. 2 years later, we put a pitch roof on that property. We invited him over. He watched the roof getting built with us. He sold us many, many, many other deals. In fact, he partnered with my— uh, that time I was partnered with Cody Davis on a 12-plex. He partnered with Cody Davis, bought me out of a 38-plex that I'd already cashed out $1 million on. He bought me out for an additional $350,000, and he's the one who's paving that parking lot with Cody and finishing that project. That was like that right there, that relationship and that second phone call thanking him for telling us what to do on the roof, that net me my next $350,000 exit, which by the way is what I used to buy this house in Texas. The owner meeting works. This is how these— this is how the game is played. But it's that simple. So I have 1 minute, so I'm going to rapid, rapid recap here. Make— find the property, map out who owns what, book meetings with these owners on a very simple phone call. And when you're in front of them, small talk, verbal agenda, open-ended question, close-ended questions. Ask for a specific takeaway. If applicable, do the thing. Thank them. Meet again. You will buy a ton of off-market deals. This is how I've taken over markets all over the country— red state, blue state, big city, small city. That's what I have for time. I will see you guys on the next episode. Thank you for a short live. Talk soon.