Where/How did you find your first multifamily deal in NJ area

5 Replies

Hello all! I would love to hear some successful stories regarding how did you find your first multifamily investment property? I have been actively looking for deals on MLS and contacting real estate brokers but it seems like there are very few multifamily properties meeting my criteria. I am looking for 10-20 residential units in North Jersey. I am spending over 10 hours a week running different searches on a top of my day job. Should I stick to MLS or explore different sources?

Looking forward to successful stories/advice on how did you find your first multifamily deal and how long did it take you (3 months, 6 months, 1 year etc.).

The MLS isn't a good source for multi-family apartments. You need a commercial real estate site like Loopnet.

Make the real estate brokers you are contacting are commercial brokers. 

Hi Kevin thank you so much for advice. I had no idea that there are different types of real estate brokers. When I called, some brokers mentioned that they do not do large buildings but I have never figured out why. 

 Do you know any other sites beside Loopnet that post multifamily deals?

I have been searching on redfin, trulia, zillo, GSMLS, realter, auction.com. Are these sites most appropriate  for < 4 units? You are right the majority of deals that I have analyzed came from Loopnet. Thanks again!

Hi BP members! I know your time is valuable and appreciate all of you who take time to reply to this post.

Can anyone else share some advice on finding multifamily  investment property in North Jersey? I recently found out about BP community. Is this website more applicable for single family or FHA investors?

Do you use websites like redfin, trulia, zillo, GSMLS, realter, auction to find 10+ units deals or these are more suitable for smaller deals? I am a new investor and appreciate any advice. 

@Marta K. BP has members of all levels, from beginners to portfolios consisting of thousands of units. In your situation, when it comes to commercial multi family properties, this sites are not going to give you your best deals. Most of these transactions are done before a property hits the open market. What you see listed on places like Looper are the leftovers that were not desirable to the professional investors. Your best chance of success in this area of real estate is networking. Go to local meetups and tell everyone that will listen what you are looking for. Off market deals are your key to success. Good luck!

Hi Jason,

That's a great advice thank you! I just registered to attend a local real estate meetup group that I found on BP. Looking forward to the meeting. 

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