I am currently seeking to buy my first property which will be multifamily. I live in northern NJ area and would like my first purchase to be close to home so I can manage it a lot quicker and easier. I'd hate to bite off more than I can chew with a long commute in case of trouble. That being said I'm currently looking at loopnet to find a deal. Anyone having success in NJ finding multifamily homes with at a discount ( say 20%) ?. Where can I look to find these great deals? Thanks in advance.
Hi Alex! Your best bet is to hook up with a broker who has off market info or that is willing to comb through foreclosures and short sales and find you what you are looking for. Loopnet is much better for real commercial properties. You may find some things on there, but the real winners are the hidden gems!
@Alex Cordero Sourcing opportunities is critical to being a successful real estate investor. When you are starting out, this is an area that you can add a ton of value to the deal. I agree that you should be building relationships with the brokerage community to get access to opportunities. In addition to brokerage led opportunities, I would recommend creating your own deal flow.
1. Establish a geography to become an expert
2. Build relationships with the owners and brokers in that geo
3. Know the comps upside down and inside out
This will enable you spot the opportunities quicker than your competitors that are using websites or waiting on the broker to send them deals.