Feedback/Help with the multifamily buying process

[Sant S.]

I have been actively looking at properties over the past two years and have had no success at closing a transaction. I have put offers on atleast 8 properties in Weehawken, Hoboken, and Jersey City. Some have been outbid, some make it far into the process to find a issue like low appraisals, and some have had structural issues. I have switched attorney's, banks, and been through many realtors, but in the end I am still back at square one. I have been using realtors who know multifamily transactions and know their locations. I don't just use one realtor for all 3 areas listed above. I probably have 5-7 realtors I actively keep in contact with who alert me when new things come on the MLS. Any feedback on ways I can improve?

I spoke to a member in a near by investment club and he said properties on the MLS are the ones real investors have already seen. Good properties don't make it to the MLS. (I invest on the side)

I am seeking 4+ unit properties in Hudson county NJ close to commuting lines into NYC. 650K and under purchase price. I have been pre-qualified by a few local banks. Both residential and commercial.

[Joel Owens]

Sant if you invest on the side you need to find a commercial broker who is connected and gets the properties first. The one who mails out to all the owners of properties you are looking for. The one who stays in contact monthly with all property owners for the area you want to buy in. That's the one who when a property owner is even thinking of selling they will give the call to because they know that broker has buyers that can perform and a sale will be swift and seem less and get the job done for the seller.

This is all of course predicated on the seller being realistic as to valuation and expected sales price of their property.