As I mentioned in my introduction posted here, I've been scouring the MLS looking for cash flowing multi family (3-6 unit) properties in Massachusetts. Im focusing on Framingham, Marlborough and Worcester as my target communities. I've looked a little bit in other surrounding towns as well.
I know that this isn't widely considered a "cash flow" market but I was dumbfounded the first time I read about the 2% rule. After reading that I pretty much froze up and spent a lot of time trying to find listings that come anywhere close to it. What I found is that those deals simply do not exist on the MLS anywhere close to my target area. I'm not saying they're not out there but with the market as hot as it is here, I can only assume they're being snapped up as pocket listings.
I'm curious what channels other local investors are using to find cash flowing buy and hold deals? Based on what I've read here I know that attending a local club would be a step in the right direction. Actually a little over a year ago the Black Diamond Meetup was suggested to me and I didn't really give it much thought until I started reading here.
Looking forward to the discussions.
Side note - I initially intended to put together a much more quantitative post, but after I got to about two pages worth of text, I realized that nobody was going to read past the first paragraph or two.
not that I have much experience Shawn but I've read and listened to a lot of resources on BP and it seems a lot of people get deals by driving for dollars and by direct mailing. If you search those two terms you should get a ton of information
Shawn, you should also search the forums and blogs for topics relating to marketing methods. If you are only looking on MLS, you are one of hundreds of people (maybe thousands) doing exactly the same thing looking at the same properties.
Events like Black Diamond are good for connecting with wholesalers, and sometimes off-market deals are promoted at the events. You will also meet lots of other people who will be helpful in your business.
But finding the deal is the holy grail of real estate investing. It's not as easy as the gurus make it out to be. And you won't find 2% deals on the MLS in our area. If you do, they are going to be in very bad neighborhoods. Also realize that the "rule" is a guideline for filtering through properties, nothing more. There are lots of threads on BP about 2% rule, 1% rule, etc.
Good luck, and don't hesitate to attend Black Diamond or any other groups, they will help in your search eventually.
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