By the time a small building is on LoopNet or the MLS, ten buyers are competing and the numbers rarely work.
Investor play · Multifamily
Multifamily owner outreach that finds the buildings before they're brokered.
Good small multifamily rarely hits the open market without a bidding war. Spur finds owners of 2–4 unit and small apartment buildings, filters for long holds and high equity, and mails an offer that speaks their language: rents, cap rate, and a clean, quiet sale.
Free forever plan · No card · 20 property searches a month
USPSFirst-Class
Ramon Castillo1401 W Alabama StHouston, TX 77006Scan to request an offer
Ramon C. requested an offer · 2 hrs ago
AI-written for this owner · Mailed in 2 days
2–50unit buildings by size, age, and ownership
LLC-awaremail the entity's address, not the building
Off-marketoffers before a broker gets the listing
The problem
Every investor wants the same buildings.
Many buildings are held in entities. Mail to the property goes to tenants, and the owner never sees it.
Building owners think in rents, expenses, and cap rates. A "we buy houses" postcard tells them you're not serious.
How it works
From list to mailbox in one workflow.
Five steps from a building list to an off-market conversation.
app.usespur.com
See it in Spur
A small multifamily list in Spur
Sample 4–12 unit buildings in Houston, held 10+ years by absentee or entity owners. Names are partly masked.
Houston, TX4–12 unitsOwned 10+ yrsAbsentee or LLC
- Ramon C.2716 Rosedale St4 units · owner in Montrose22 yrsFree and clear
- Bayou Flats LLC1820 Hawthorne St8 units · manager in AustinLLCOwned 14 yrs
- Ellen & Mark S.3307 Graustark St6 units · owners in KatyBuilt 1965Equity 71%
- J. Nguyen Trust4512 Fannin St12 units · trustee in Sugar LandTrustOwned 19 yrs
- Wendell P.905 Branard St4 units · owner in PhoenixOut-of-stateOwned 11 yrs
AI draft for Ramon C. · 2716 Rosedale St
Dear Mr. Castillo,
I'm writing about your fourplex at 2716 Rosedale Street. I buy small apartment buildings in Midtown and Third Ward, and I'd be glad to make an offer on yours.
After 22 years, you know the building better than anyone. If you've thought about selling, I can offer a private sale with no listing, no showings to tenants, and no repair requests. Your tenants stay in place, I can close in about 30 days, and I'm happy to discuss a 1031-friendly timeline or seller financing if either would help.
Scan the code to request an offer. If you'd like to share your rents, I can send numbers within a few days.
Nina Patel · (713) 555-0149
Sample data for illustration. Your results depend on your market and filters.
Playbook
How to find off-market multifamily deals
Small multifamily, from duplexes up to buildings of 20 or 30 units, is where most individual investors grow. It's also a crowded space: listed deals attract many buyers, and brokers often shop the best buildings to their own buyer lists first. Writing directly to owners is one of the few ways to see buildings before they're competitive.
Know which segment you're targeting. Two- to four-unit buildings are financed like houses and owned mostly by individuals, many of whom self-manage. Buildings of five units or more use commercial financing, are valued on income, and are more often held in an LLC or trust. Your list filters, letter, and follow-up should match the segment.
The best owners to target have held for ten or more years, have significant equity or no mortgage, live away from the building, or own an older property facing capital work like roofs, plumbing, or electrical. Long-time owners may also be facing a large capital gains bill, so mentioning a 1031-friendly timeline or seller financing can open a conversation a cash offer can't.
For entity owners, mail the LLC's mailing address and address the letter to the manager or member when you know the name. Avoid mailing the building itself; tenants will open it, and the owner may hear about it from them first.
Write like a buyer, not a marketer. Name the building and unit count, offer a quiet sale with tenants in place, and give a clear next step, such as sharing rents for a quick offer. Multifamily sales cycles are long, so plan for quarterly follow-up over a year or more.
Expect owners to ask for numbers before they share their own. Have a simple way to estimate value from rents and expenses, be ready to explain how you'd handle existing leases and deposits, and show proof of funds or financing early. Serious building owners respond to buyers who can close.
42×return on a year of Spur Team from one $25,000 deal
One building pays for a decade of Spur.
- Spur Team: $588/yr billed annually
- 300 building owners × 4 letters = 1,200 at $1.39 = $1,668
- One $25,000 assignment fee or first-year equity gain = 42× your subscription
Example math. Multifamily deal sizes vary widely by market and unit count. Run your own numbers →
One tool, not four
Spur vs. the usual multifamily prospecting stack
What you needThe usual waySpur
Unit-count and hold-time filtersA commercial data subscription✓ Built in
Owner and LLC mailing addressesSecretary of State lookups by hand✓ Built in
Letters that speak to income propertyGeneric investor postcards✓ Built in
Scan alerts and offer requestsWaiting for callbacks✓ Built in
Long-cycle tracking per buildingA separate CRM✓ Built in
FAQ
Multifamily outreach questions
How do I find multifamily properties that aren't listed?
Search by unit count, ownership length, equity, and absentee or entity ownership, then mail owners directly. Spur combines those filters, owner contacts, and the letter in one workflow.
How do I reach multifamily owners behind an LLC?
Mail the LLC's mailing address on record and address the letter to the manager or member when known. Spur shows the entity's mailing address alongside the building.
Should I target 2–4 unit or 5+ unit buildings?
Both work, but they need different lists and letters. Two- to four-unit owners are usually individuals; 5+ unit owners think in income and cap rates and often hold in entities.
What should a letter to an apartment owner say?
Name the building and unit count, offer a quiet sale with tenants in place, and give a clear next step, such as sharing rents for a fast offer.
How long does multifamily direct mail take to work?
Longer than single-family. Owners often take months to decide, so plan for quarterly follow-up over a year and track every conversation.
Keep exploring
Related plays and guides
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