Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
10y
@Will F.I find my deals through relationships with brokers and with owners. I've also done some direct mail but it hasn't resulted in a deal yet. Are you looking for properties in your market? If so then perhaps start a blog and interview local owners in the area about their experiences (or, simply blog about it on BP - that would be cool too). By creating a forum you give them a relevant reason to connect with you. It's a long-term play but very effective.
Re: my criteria, from a high level I am buying B class properties, 150+ units, stabilized with a value-add component.
Investor · Los Angeles County, CA · Member since 2012 · 962 posts · 279 votes
10y
Thanks Guys
@Joe Fairless Yeah that is a good idea. Especially for a long term play.
I have a 1031 exchange right now so I basically have 6 months (well 5 months now) to locate and close on a deal. I think that gives me time to find something.
I've beent trying for a year now to reach out to brokers I basically have 1.5-2.5M$ to play with. If I do a value-ad building I would most likely want to buy for $1.5M or less and put $200 or less into it.
My criteria is all over the place because within the County of Los angeles there are so many variables-- closer to the beach, unit mix, older v newer buildings, unit mix (I'm looking into some mixed use), value-ad vs turn key, location, stable areas vs up-and-coming
Argh...my head might explode just thinking about all this...
I guess having 6 months to close is a good thing because it gives me a timeframe.
The variables change because no building is truly exactly the same--or even near the same when you put boots on the ground.
@Charles Royster Thanks Charles, I've tried those, for years. I'm just trying to get a slightly better deal than direct off the market. But directly off the MLS is probably the most likely way I'll find a property for this purchase. Thanks man