Unique Connections

This was an interesting week where we made connections with sellers in interesting ways. The only reason that is happening is that we are becoming so entrenched in the OKC market. We are also just always thinking outside of the box.

Our Network Creates Deals

The first interesting contact we made was through a gentleman who works for our property manager whose father is an attorney. This attorney happens to represent a handful of big multi-family owners in OKC. We have been working with him to see if any of his clients have any interest in selling any of their assets. Nothing has come of it yet but in time we will feel it will. 

Another deal we are looking at came indirectly through our property manager as well. They were pitching the owner on property management services. Now it’s turned into possibly him selling. He also happens to be the brother of the last complex we bought on the meridian. They are similar vintage properties but these interiors haven’t been kept up the same. They also happen to be almost right next to each other. This property we almost passed on because on costar it shows it much smaller than it is. In reality, it has much more units. So sometimes you need to drive by the property to verify what’s there. So even if we aren’t on the ground our property manager can do that for us. So, we have offered based on the condition. He wants a little more but we are working on him. We continue to find ways to make unique connections like this.

This 3rd deal we are looking at came from the broker we did our last deal with. We happen to know the owner by chance. Our property manager managed the complex for a while. So, we pretty intimately know what issues are there and how they can be remedied. Since this seller knows us, they are giving us slightly better pricing than anyone else. It looks like we are getting close to putting a deal together with this seller. I think all the parties want to work with us just coming to something that can eventually work for everyone. 

Uncovering Opportunities

All these are uncommon connections we have built in OKC over little more than a year that we feel will bear fruit in the future. It takes time to be one of the first calls with the deals that are good. More importantly, sometimes it takes time to bring the seller to reality. With enough conversations, strong follow-up, and strong data points, it usually happens. Here at JB2, this is our unique way to uncover opportunities others usually won’t.