I was considering buying a SFH as my first investment but after all the research I have done it seems like multi-family is the way to go. Can anyone give any insight on the best places to look for multifamily properties?
Hangout at your local REIA and network. Seems you'll find alot of multifamily and other commercial deals through networking and word of mouth rather than online listings.
@Maurice Brantley Thanks for the help. Where would I find an REIA? I had to look the term up on google, ha.
Yea just search different groups and clubs on google ("Baltimore REIA") and go to events and stuff. That's what I've been doing here in Houston. I want to make the transition to multifamily after single family and I've already made a few points of contacts just by networking.
I'm working on purchasing my 3rd multi-unit in Dundalk, MD. I found the first two by going to the Baltimore REIA and met a landlord there selling lots of his portfolio. Then one day I was at one of the rentals and noticed a few doors down one for sale.
Real Deal and MDREIA (free), Baltimore REIA and MAREIA (fee).
@Nicole W. I looked up the baltimore REIA and there is a fee. Did you pay the fee each time you went?
No, I paid the yearly membership fee; I at least get to write that off for my business. I do believe you can attend at least one meeting for free though. Just contact someone that runs the group and they can confirm that.
Otherwise, the local REIA group from meetup.com is free and their meetings are in Columbia, MD. I have not been to those meetings yet, but I hear great things.
@Nicole W. - I had considered renting out in dundalk because the cashflow is nice but how have your tenants been?
I generally like Dundalk, but you definitely need to carefully screen your tenants. I've had some great tenants, some consistently very late tenants, and one nightmare tenant...which I guess really could have been worse.
Key is to screen and not settle! I can't tell you how many people have called me about my vacancies that don't make enough money (3X gross the amount of rent) monthly.
I like Baltimore County vs the City because the tenant/landlord laws are slightly better. For instance, in the City, you're required to inform the tenant the exact date of their eviction. This gives them plenty of time to destroy your place and leave. But in the County, you do not have to tell them the exact date/time of eviction. They get a Warrant of Resititution notice, but it does not have a date/time and I've yet to have a tenant ask me.
@Nicole W. I friend requested you since I feel like maybe we can help one another in the future. Yes I completely agree, the county is much better. Have you used MBQ at all? My mentor has a few MBQ properties and has had nothing but good things to say. He too cautioned, "Screen your tenants well!"
@Brian Anderson What are MBQ properties? Could you elaborate? I'd love to hear about it. Thanks.
@Raquel Thomas I just did a search and found this link:
@Brian Anderson I don't think I've had a MBQ? I did inherit some tenants who were on some sort of "bridge" program, which paid a portion of their rent for one year. It was intended to help them get back on their feet. The program didn't work for these guys. One has already been evicted and the other is about to be as soon as I get a date from the Constable.
However, I would consider the program again and I would definitely consider someone on "Section 8".
@Raquel Thomas They are basically section 8 properties but supposedly a little better for landlords. I am still learning myself but no major differences from section 8 I believe.
@Nicole W. and @Brian Anderson thank you. I will look into it.
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