Los Angeles, CA · Member since 2009 · 14 posts · 1 vote
I'm interested in buying a duplex, triplex, or four-unit building as an investment.
I'm looking in the Raleigh/Durham/Chapel Hill Triangle area of North Carolina.
If you check "multi-family home" in Zillow, Trulia, or Realtor.com, they think you mean "show me single units in multi-family buildings." I'm trying to buy a whole building.
I'm aware of loopnet.com but they charge $244.95/month and I'm not even sure how great their listings are. Maybe they're great. If so then fine, I'll pay for their service.
But before I shell out that kind of money, is there some website that has some listings where I can get an initial idea of prices and what kinds of properties are available in the area?
Maybe there isn't? Perhaps buying rental property is more a thing of knowing the right people?
Just call an agent in the area and tell him or her what you're looking for.
Google REIA meeting along with your city. Attend a meeting and if nobody is pitching any properties you want, you should have a chance to stand up and tell everyone what you're looking for.
If you want listed properties look for an agent that works with investors or even better if they specialize in small multi-family properties. A local investment group should be able to lead you to investor agents.
Alternatively you can do your own marketing directly to owners of small multis.
Well, they removed my post revealing a search of realtor.com showing 35 multifamily properties in Raleigh, NC. Most are, in fact, for the entire building.
I'm sorry someone removed your post, Scott. That would have been interesting to see. I'll do a more careful search. Maybe I just didn't select the right filtering options or something.
Realtor.com is a great place to start. Then start drilling down to the individual seller's agents as you find them. Once you've established a relationship with an agent they'll be willing to work with your repeatedly. Remember that we want sales, not searches :)
Good MFHs are kinda hard to come by in this area. The quality ones that actually hit the MLS tend to sell almost as fast as they're listed. I say that not to discourage you, but rather give you an idea of our market when it comes to MFHs. I'd be happy to set you up with a search on the MLS so you get the notification when they're listed if you'd like.