Ideas on how to get my first multifamily?

5 Replies

Just wanted to know if people think its tacky to call another investor (whom I've never met) and ask if they have anything for sale. Its one of those "we buy multi-families" yard signs. I'm in a super competitive area need other options.

I do know about the mailing/driving for dollars,but I'm trying to use the VA loan so most properties that will work out with that will probably fail inspection.

@John Kaspar - Definitely not tacky.  Most investors want to sell what they have and/or have other buyers in the wings!  I'd call for sure!

If you aren't already following @Joe Fairless 's Best Ever podcast, I'd recommend that as well for lessons in multis.  I'm sure you are already working with a realtor who specializes in multis in your area, if not that would be a good first step!

Best of luck!

No! go for it!

You have nothing to lose.

That dude is probably building his list and would not adding you to that list in case he has a house to paper flip.

Not tacky at all. This is a relationship business - we got into our first MF deal through networking. Reach out, offer to take him/her out for coffee or lunch and build out the relationship. 

@John Kaspar So there’s a good chance that they’re a wholesaler and would love to add you to their “cash buyer” list. But if they’re not buying (read: closing) on the property you might find yourself in a challenging situation working with them. Still, it’s a 30 second phone call so there’s really no reason not to make it. There’s literally nothing you have to lose. Who knows, you call 10-20 of these bandit signs that you’ll probably find someone that it’s worth having a quality conversation with.

@John Kaspar It never hurts to ask, and as you'll glean if you stick around here long enough, everything is for sale if the price is right. Even if someone doesn't have something right now, they might in a few months, or they might see a deal that doesn't work for them right now but they remember that you were looking for a deal like this X number of months ago. Make the calls, shake some hands, and get your name out there.

Peter MacKercher, Real Estate Agent in MO (#2010004223)
(314) 210-4414

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