Multifamily deals are really hard to find right now.
Market is hot and really high in price.
People aren't selling because their properties are going well and they're cash flowing nicely.
@Mark Poshak it's easier said than done but there are opportunities in every market for those that are willing to work hard enough to find them. Keep hustlin!
@Mark Poshak I will echo @Ivan Barratt comments. Although MF properties are really hard to come by at this stage of the cycle, there are opportunities to be had. It's just a massive PITA to find them. Depending on the size you had in mind you could use a combination of direct mail campaigns (works better on smaller properties < 50 units) or work through brokers (works across properties sizes and least painful approach).
The idea is for you to develop your team, solid set of relationships and maintain discipline (critical, even though it's very hard to do IRL). When the fat pitch comes in, you should be ready to swing for a home run.
They are here in town, but they are at a premium. Usually larger multifamily has a more experienced owner who knows what the market is doing. What price range are you thinking?
Thanks for the advice. I’m only looking for incremental steps from where I’m at now. Something in the 2-4 or 4-8 unit range.
They are out there, if you see ones that always have "for rent" signs outside of them is a good way to start. You'll get a point of contact to ask for more information or you could look up who the owner is via your local tax assessor's site.
The hotter the market, the more folks are 'into' real estate. Lots of competition so it's more work. The deals are out there, so keep working.
However, keep in mind if you wait long enough, you'll get to see the market turn down again. It's like a force of nature--can't stop the cycle.
I officially started my ground search (not online, walking through the areas) for MF properties this past weekend and found so many buildings with "For Sale By Owner" that are nowhere to be found online.
I'm currently in talks with one of the owners I called yesterday afternoon, so hopefully this goes well. Ground searching (not sure if that's the correct term) seems to be a pretty good idea at the moment.