Finding Multifamily Properties

[Account Closed]

I live in the Minneapolis area and am looking at purchasing a multifamily home to both live in and rent and ultimately acquire many multifamily rentals. In my area duplexes, and the rarer triplex, are not the norm- single family homes reign here. While duplexes are available on the market it seems to be a challenge to find ones that don't need a ton of work in close proximity to each other. I've only been looking online with Zillow, and am wondering what other websites, tips, or techniques people have or use when searching for properties to ensure they are finding everything that's out there, or hearing about new properties that come on the market quickly. 

Any other advice regarding the acquisition and holding of duplexes that you wish you'd known when starting out investing would be awesome as well!

[Paul Timmins]

@Account Closed 

Welcome. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need. You can call club officials and several vendors in advance of the meeting.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask for market occupancy and rents. Ask if they know anything coming up for sale.

You can also search narpm.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul