Small multifamily market - is it hot everywhere right now?
Have any fellow small-time investors successfully financed a small multifamily (not a cash offer) in any popular market in the last three months? If so, how long did it take you to get an offer accepted?
I have a VA loan available, and decided a few months ago that I'd like to use it to buy a small multifamily in central/southern Florida. I'm in Central Florida right now and have been actively looking and making offers trying to get rid of this tap into this VA loan since about July...
Every good deal that I see that's on the market in the Orlando metro, St. Petersburg metro, and even mid-sized cities between the big ones and on the coasts get multiple cash offers IMMEDIATELY upon hitting the market. I had my agent call one listing 12 hours after it hit the market and they already had 3 cash offers! From my angle, anyone in Florida trying to buy small multifamily basically has to make a same-day cash offer, or they have virtually no chance.
Trying to buy multi with a VA backed loan, I fully expected to be at the bottom of the totem pole, but I honestly didn't expect to be competing (futilely) with multiple cash offers on literally every deal I make an offer on right now. Is everyone in the same boat, or is this a Florida thing? Does anyone have any recommendations on how to snag a deal in this market for someone who can't offer cash, or is it just a numbers game?