Buying my first multifamily (4 to 6 units)

22 Replies

Hi everybody, I'm an investor in Colombia and I lead a community of investors in my country. I'm looking to buy our first multifamily in the US (we traveled a month ago to Rockford in Illinois to know the market). I'm newbie in the US market, however, I will like to know which websites do you recommend to see investment opportunities so I make the less amount of mistakes.

I appreacite so much, thanks.

@Juan Camilo Lovera welcome to the forums and welcome to the Chicago area! I would recommend that you use a site like LoopNet to find the successful commercial brokers. This will allow you to get on their lists which are not normally advertised on the internet. You can also stay in tune with the MLS as a lot of times good deals get listed by residential agents who don't do much commercial.

@Juan Camilo Lovera - Welcome to BP and to the Illinois / Chicago Forums!

I'd recommend linking up with a good realtor to provide you MLS listings otherwise most people use redfin, realtor.com, or zillow. Also, loopnet if you are looking for commercial properties.

Are you locked into investing in Rockford or open to areas closer to chicago?

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@Juan Camilo Lovera

Hey Juan! That’s exciting stuff to be starting your portfolio in Chicago! This is a very unique market and it’s important to be familiar with the block-to-block dynamics of the city and suburbs. I think it’s great that you checked it out in person. What did you think about the city?

Hola @Juan Camilo Lovera! Super cool that you're coming from Columbia. How is Columbia doing for real estate investing? 

I'm curious as to what piqued your interest to invest in Rockford? Are you open to other areas? How many units are you looking for? There are many real estate agents on here that are also investors that can lead you towards the direction. 

@Eudith Vacio the main reason to invest there is I met a Colombian that has been there for 30 years and people I meet already invested with him. He also offers the property management because having a property without that will be a headache to me. 

Colombia is good for buying presale apartments and selling them before the constructor give it.

@Juan Camilo Lovera

Stay where it is nice, warm and the sun is always shining because its getting ready to COOOOOLD up here! Haha just kidding, but if your heart is set on Rockford rock it out. Chicago might offer you more opportunity to accomplish your goals however, but like @Tom Casey said Chicago is so vastly different from one block to the next. So knowing what your goal is and how to determine what area of Chicago will best fulfill your goals will be huge. Did you get an opportunity to check Chicago out when you came to visit or were you just up in Rockford? If you didnt check it out, you totally should and see what feels right to you.

Best of luck on your journey and keep us all posted what your outcome is.

@Juan Camilo Lovera  Welcome to BP and welcome to multi family investing  in the US - My suggestion, since it sounds like you already have some knowledge is to connect with a Commercial Broker. They will have the type of investments you will want.   I use Colliers International https://www.colliers.com  but there are other big agencies that you might contact. 

I would suggest finding a broker that will help you dig in and learn the intricacies of MF  investing and of course the actual location you are looking at.   The broker should be able to help you find mortgage brokers, PMs, etc. 

Good luck :) 

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@Juan Camilo Lovera Welcome to US investing. I would recommend researching the areas of the country that look like they could meet your investment goals. I plug for Kansas City here. We have a vibrant OOS investor community and there are still good deals with if you would like to BRRRR or looking for turnkey. One very important aspect is putting your team together. I would recommend @Caleb Brown for an RE agent in KC.  And if I can be of any assistance, please feel free to reach out.  Best of luck!

Melinda

@Juan Camilo Lovera - De nada - Happy to help any way I can!  Feel free to reach out offline (PM me) and I can recommend some great Chicago people & provide their contact info.  Also @Jim Biggs is a multifamily investor in Rockford.

Also, Biggerpocks has a new feature called "find an agent" it's at the top of the navbar on the right.

Originally posted by @Juan Camilo Lovera:

Hi everybody, I'm an investor in Colombia and I lead a community of investors in my country. I'm looking to buy our first multifamily in the US (we traveled a month ago to Rockford in Illinois to know the market). I'm newbie in the US market, however, I will like to know which websites do you recommend to see investment opportunities so I make the less amount of mistakes.

We're considering a holiday in Medellin Colombia. These aren't necessarily websites but companies that have websites with investment opportunities: Fundrise.com; roofstock; crowdstreet; equitymultiple; realtymogul; streitwise; diversifyfund; small change. Out of those sites we've invested in Fundrise; roofstock and crowdsteet.  YOu may also consider CBRE if. your interested in commercial real estate. 

The other website in the Multiple Listing Service that you get access to with a realtor

@Juan Camilo Lovera I have a Columbian client who frequently travels between the US and Columbia, they might be interested in your group. Is there a way to get in touch with your investor group? or link to a website?

Originally posted by @Juan Camilo Lovera:

Hi everybody, I'm an investor in Colombia and I lead a community of investors in my country. I'm looking to buy our first multifamily in the US (we traveled a month ago to Rockford in Illinois to know the market). I'm newbie in the US market, however, I will like to know which websites do you recommend to see investment opportunities so I make the less amount of mistakes.

Smaller multifamilies will be on the M

Smaller Multi-unit buildings will show up on the MLS along with all the other residential properties. If you're looking for a larger building Loopnet is a good resource. It would also be a good idea to get in touch with a local commercial brokerage. Reach out if you need advice on areas or neighborhoods!