Investor · Atlanta · Member since 2019 · 521 posts · 88 votes
Looking for multi family deal for 5 or more units around 250k-300k budget. I am open to any location as long as numbers makes sense. Where i can find the deals. Are there any type of help i can get from anywhere to filter best deals as i am not much familiar with this process. I am still learning and I am a software engineer not much familiar with commerical multi family deals. Please advise
Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
7y
You can get great numbers on paper in say Baltimore city, but are you OK with that area? Have you ever been to inner cities where drug dealing and crime are rampant. You might want to rethink your stance when you say that you are open to ANY location as long a numbers make sense..
You should really start out with the location first, and then see what you can buy with the budget you have. As far as getting the deals you can get them through BP Marketplace, MLS, your own marketing, relationships with banks and brokers, auctions...
Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
7y
You can get great numbers on paper in say Baltimore city, but are you OK with that area? Have you ever been to inner cities where drug dealing and crime are rampant. You might want to rethink your stance when you say that you are open to ANY location as long a numbers make sense..
You should really start out with the location first, and then see what you can buy with the budget you have. As far as getting the deals you can get them through BP Marketplace, MLS, your own marketing, relationships with banks and brokers, auctions...
with my full time job as software engineer it is like next to impossible to find a good deal that makes sense in all aspects
Baltimore City was just an example to prove a point. I feel your pain.. I have a full time job as well. It's hard.. No doubt.. I would say try and find deals in your area. Georgia is a good landlord friendly state. You can stay local. Work with local brokers to see if they can get you some deals. Relationships are key.
Investor · Atlanta · Member since 2019 · 521 posts · 88 votes
7y
how to find local brokers? Are brokers same as realtors? I work with some realtors they are not specialized in multi family? How to find multi family specialized brokers/realtors? how to build relationships with brokers? please advise
how to find local brokers? Are brokers same as realtors? I work with some realtors they are not specialized in multi family? How to find multi family specialized brokers/realtors? how to build relationships with brokers? please advise
Different states use the term "broker" and "agent" interchangeably. In state of Virginia you are first a sales person, and then after 3 yrs or so, you can take broker exam and become a broker. Then you can have other salespersons work for you. State of Georgia might do it differently. You need a local guy to advise you..
How to build relationships is a little silly to ask.. How do you think? Open your mouth and talk to people. That's how.. Meet people at local REIs. Tell them about you interests. Ask them if they know someone, who knows someone.. Realtors know other realtors, who might know someone who is in commercial real estate.. Lenders know brokers/relators.. Do you have a lender? Do you have a Title Company you work with.. Geez.. Do you have a home inspector.. A plumber.. A handyman dude... Talk to them.. Talk.. Talk... Talk.. Talk to everyone.. Good enough?
Look at ad postings/listings.. Call those realtors up.. Ask them if they have properties.. I bet if you make 100 phone calls you will definitely find something you can work with..
Being a software programmer you write code, right? This is easier than that. But you gotta do what? Open your mouth and talk..
Go have coffee with some people. You pay... People like it... Sometimes let them pay.. People like that also. Next time get more people for coffee.. Order pizza.. Go to happy hour.. Make friends.. It's fun.
Wholesaler · Durham, NC · Member since 2018 · 157 posts · 50 votes
7y
I've heard a simple strategy for getting into small multi units is to check loopnet. Not necessarily for the deals, but to see the brokers doing deals. Do a little research to get familiar with the terms of commercial real estate transactions. Ken McElroy's The ABC's of Real Estate Investing and Frank Gallinelli's What Every Real Estate Investor Needs to Know About Cash Flow are great resources. Then contact the brokers and introduce yourself, explain your strategy and goals and ask can stay in touch. Constantly call them to build relationships and to learn market knowledge from them. As a newbie myself, I think the challenge for me will be to see how I can add value to the brokers that I am connecting with. I want to be conscious of the time and energy they are sharing with me. I want to bring something to the table, but that is challenging as a new investor with little capital or experience.