Trying to Find a Multi-Unit

11 Replies

Hey All, 

I am trying to find a multi Unit property in the Philadelphia area preferably between 4-10 units.  I am checking all the websites, and I have two friends who are realtors but I am not having much luck. I am also struggling with knowing if its a good deal being that this is my first Multi Unit purchase.  Does anyone have any recommendations on how they found their first Multi Unit?  Or how they know when a good deal has come their way?  

I found my first SMF through the realtor I bought a few properties from. It's been a slow go since then, but the one I'm under contract on I found through my local REIA @Christian Lewis . It was an off market deal. Stay patient, stick to your criteria, and in the meantime just consume knowledge (about your local market, the SMF niche, your #s, etc).  I have a 10 Step Guide to Buying and Holding a Small Multi-Family Rental available in the eBook section of the BP Fileplace. 

Hi @Christian Lewis,

Welcome to BP. 

You need to expand who you working with and get out at the networking trail to identify off market transactions for yourself. Also, buying mailing lists in areas you preferred for 4-10 unit property owners is important as well.

Let me know if you have any questions.

Regards Joe Scorese

Originally posted by @Joseph Scorese :

Hi @Christian Lewis,

Welcome to BP. 

You need to expand who you working with and get out at the networking trail to identify off market transactions for yourself. Also, buying mailing lists in areas you preferred for 4-10 unit property owners is important as well.

Let me know if you have any questions.

Regards Joe Scorese

 We're do I 

buy mailing lists of property owners?

@Joseph ODonovan No I havent buy I will take a look!  

@Jay Helms You really found that through an REIA?!?!? Im hoping the one im in ends up paying dividends like that- but yeah from everything ive read I just need to stay patient- thats just not something I am good with.

Thanks guys! 

@Christian Lewis It's just super competitive right now. All of the attention for the 100+ units in Philadelphia have driven those investors to look smaller. Just as an example, I received 2 random phone calls from NY investors yesterday afternoon looking for 5-20 unit properties based off a post a wrote over a month ago. There are many factors at play, but it seems many eyes are turning to the Philly rental market, not to mention us local guys with the connections. At some point, you need to build relationships that put your directly in touch with owners.

Peter Dunne, Real Estate Agent in PA (#RS334492)
301-758-1857

@Peter Dunne  

Do you have any experience with Multi's zoned  RSA-3, or any single family zoning?

I have an interesting situation right now selling an owner occupied quadplex, RSA-3 zoned, with a permit for 2-4 units. 

Getting a lot of questions as far as, once a grandfathered in quadplex is changes ownership, how hard can it be to maintain/ or reapply for a multi license with new owner. 

I've seen this go both ways. I know neighborhoods preemptively zone overlays with old multi's over to single family to prevent higher density housing. 

Have you had any experience with this?

Joseph Wright, Real Estate Agent in PA (#RS340569)
215-292-3376

Hey @Joseph Wright

I don't have any direct experience with pre-existing MF now zoned as single family, but I am aware of situations where the sale has caused trouble with the grandfathered in non-conforming use. I have seen non-permitted MF get shut down and apply for a zoning variance and shut down by the RCO hearing. I always direct zoning questions to my friends at www.pritzkerlg.com

Peter Dunne, Real Estate Agent in PA (#RS334492)
301-758-1857

Appreciate the response @Peter Dunne ,  working through this with a lawyer. Seems the best route if have an existing owner renew the license before the sale. 

Joseph Wright, Real Estate Agent in PA (#RS340569)
215-292-3376

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