What is the most efficient way of finding leads for Multifamily properties

[Pradeep Shrestha]

I will say it's still a seller's market (at least here in Cincinnati, OH). There are tons of investors out here in Cincy but not many deals. Does anyone have any efficient way of finding good leads for value add multi-family properties? 

[Joseph Cornwell]

Quote from @Pradeep Shrestha:

I will say it's still a seller's market (at least here in Cincinnati, OH). There are tons of investors out here in Cincy but not many deals. Does anyone have any efficient way of finding good leads for value add multi-family properties? 

 It really depends on what asset types you are after, but this has been my experience. For very specific targeted properties, I have sent hand written letters, or computer typed letters that look hand written, and I hand address each envelope. This takes a ton of time and is only really worth doing for targeted properties on a particular street or neighborhood, etc. I have also skip traced phone numbers to cold call/text owners, this is much more scalable but has less success. My best luck has been speaking with elderly landlords who are looking to retire and want to sell without the hassle of listing and a bunch of showings, etc. If you are looking at larger properties, lets say 20+ units, this is much harder to do off market. For one, they are typically more sophisticated investors who are not willing to sell off market or well below market value. Secondly, these are already heavily marketed to by MF brokers, property managers, etc. Most likely they have contacts to sell the property and do not really need or want you. That is just my personal experience in the SW Ohio market. Best of luck on your hunt!